GHG Emissions, Industrial, Sourcing Renewables - August 5, 2020
BP targets sustainability overhaul of operations
BP released Aug. 4 their strategy for transitioning from an “oil” company to an “integrated energy” company, including a 10-fold increase in low carbon investment by 2030 and reducing operational emissions 30-35% before 2030.
The energy company plans to focus on three main areas of sustainability: low carbon electricity and energy, convenience and mobility and resilient and focused hydrocarbons. They plan to partner with 10-15 cities and three core industries in decarbonization efforts by 2030 and to increase their annual low carbon investment to around $5 billion a year.
In addition to lowering operational emissions, BP committed to lowering emissions associated with carbon in upstream oil and gas production 35-40% and reducing the carbon intensity of their products by more than 15% by 2030.
“Energy markets are fundamentally changing, shifting towards low carbon, driven by societal expectations, technology and changes in consumer preferences,” BP Chairman Helge said in a statement. "And in these transforming markets, bp can compete and create value, based on our skills, experience and relationships. We are confident that the decisions we have taken and the strategy we are setting out today are right for bp, for our shareholders, and for wider society.”
BP also intends to develop around 50 GW in net renewable generating capacity, a 20-fold increase from 2019 and double their consumer interactions to 20 million a day in the next 10 years.
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