Our transformation
We’re transforming bp so we can deliver the secure, affordable, lower carbon energy the world increasingly wants and needs.
We’re in action today, making strides in:
- Bioenergy – to produce more renewable fuels made from waste or plants.
- EV charging – to accelerate the switch to electric vehicles.
- Convenience – to help make everyday life a little easier.
- Renewables – that can be used to power millions of homes and businesses with low carbon energy from the sun and wind.
- Hydrogen and carbon capture and storage – to help build the lower carbon energy system of the future.
And we’ll continue to deliver the oil and gas the world depends on today, while aiming to cut emissions.
We’ve made great progress
Renewables pipeline more than quadrupled in three years
Added 5K EV charging points in a year
Operational emissions down 35%
Oil and gas production emissions down 16%
Bringing secure supplies of new production to the world while working to lower emissions
Growing offshore wind energy from zero to 5.2GW
Ten hydrogen projects kickstarted
Bioenergy production up by 18%
Serving more customers on the go at 500 new convenience stores
Transformation in action
Working in partnership to accelerate change
Tackling climate change cannot be achieved in isolation; it needs everyone to pull together.
That’s why bp is collaborating with exceptional partners – across cities and corporations – on the journey towards net zero. Here are some of our many invaluable partnerships
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Winds of change
We started 2019 with 0GW of offshore wind generating capacity. After successful bids in some of the fastest-growing regions, our offshore wind pipeline is now 5.2GW.
GW explained
A gigawatt is how we measure the scale of our renewable energy projects.
1 gigawatt (GW) = 1,000 megawatts = 1 billion watts.
For example, 1GW of offshore wind power each year in the US provides enough electricity to make 150 billion cups of coffee.
Our aim
bp aims to build a world-class wind energy business.
Offshore wind is growing at around 20% a year globally and recognized as being a core part of the world’s need to limit emissions. That’s why it has a central role to play as we deliver on our strategy.
Our progress
bp and Equinor are jointly developing up to 4.4GW of generating capacity (2.2GW net to bp) through two major lease areas off the US East Coast with the potential to generate power for >2 million US homes.
With our partner EnBW, we are developing Morgan and Mona in the Irish Sea and Morven in the North Sea. Our UK projects have the potential to generate 6GW (3GW net to bp), and could power around 6 million UK homes.
We’ve agreed to form a partnership with Marubeni to explore an offshore wind development in Japan.
Powering the hydrogen economy
Hydrogen is set to play a key role in decarbonizing power, industry and mobility. According to the IEA, now is the time to scale up technologies and reduce costs to enable its wider use.
By decarbonizing our operations and developing production hubs for green and blue hydrogen, we plan to provide competitive global supply.
Hydrogen explained
Blue hydrogen is produced from natural gas with the carbon dioxide captured and stored. Green hydrogen is produced by the electrolysis of water using renewable power.
Our aim
We have a solid track record of delivering and operating complex projects on a global scale and own multiple refineries that are ready to be decarbonized.
We aim to build global leadership in low carbon hydrogen.
Our progress
We have a global-scale project hopper of more than 1 million tonnes per annum (mpta) of hydrogen production capacity – enough to fuel >100,000 heavy-duty trucks.
We are:
- Progressing projects to deliver low carbon hydrogen to four of our refineries.
- Helping to make Teesside the UK’s first decarbonized industrial cluster.
- Planning 10 hydrogen projects across Europe, the Middle East, and Australia, where we will lead the Asian Renewable Energy Hub that aims to produce 1.6mpta green hydrogen.
Our aim
Convenience is an important part of our transformation. As customers change the way they use our forecourts, our sites will change with them.
To connect with more customers, by 2025, we aim to increase:
- The number of bp retail sites in growth markets to ~5,000.
- Our customer touchpoints from > 12 million a day in 2021 to > 15 million, and to > 20 million by 2030.
We aim to expand our strategic convenience network (sites that have fuel plus food for now and food for later) to ~3,500 sites globally by 2030.
Our progress
We’re integrating our fast EV charging experience with our leading convenience offers and services.
We’re:
- Expanding our strategic convenience network, with 2,250 globally today.
- Expanding in growth markets, such as our Jio-bp network or retail stations in India.
- Extending our partnership with Marks & Spencer in the UK.
- Taking our ampm convenience offer to the US East Coast with our first store in New York City.
Our aim
As cars and fleets move to electric, we’re ready to charge! We have a global chain of retail sites, strategic partnerships with big car brands like VW and a growing charging network.
bp aims to install >100,000 charging points globally by 2030. We expect around 90% to be rapid or ultra-fast, resulting in ~10GW of installed capacity – equivalent to ~30 billion EV miles a year.
As part of a £1 billion investment plan in the UK over 10 years, bp pulse is set to approximately triple its charging points by 2030.
Our progress
We have around 18,700 charging points globally.
Around 50% are now rapid or ultra-fast. Our 150kW chargers are capable of delivering up to 160km of range in 10 minutes of charging, depending on the model of vehicle.
We are the leading provider of ultra-fast charging in Germany, building on our position as the fastest-growing and most-used network in the UK.
And we have announced partnerships with VW, Iberdrola and REWE in Europe, and Avatr in China, as well as plans to work with Hertz in the US.
Our aim
Renewables are the fastest-growing energy source, according to bp’s Statistical Review of World Energy. We’re focusing on solar growth and aiming to be become a leader in offshore wind.
We aim to have developed 20GW of renewable generating capacity to FID by 2025 and 50GW by 2030 – enough to meet the needs of ~36 million people.
GW explained
A gigawatt is how we measure the scale of renewables projects.
1GW = 1,000 megawatts = 1bn watts.
A 1GW US solar farm could power 12bn hours of TV viewing a year.
Our progress
We’re on track. Our developed and renewables pipeline was 31.5GW at 3Q 2022, up 1.1GW from 2Q, driven by an increase in Lightsource bp solar pipeline.
In two years, we’ve expanded our offshore wind pipeline to 5.2GW net in two core markets through partnerships with Equinor (US) and EnBW (UK).
And we’ve completed a deal to lead and operate one of the world's largest planned renewables and green hydrogen energy hubs based in Western Australia, which aims to develop up to 26GW of solar and wind generating capacity.
Renewables share
Over time, as investment goes up in low and zero carbon, we see it going down in oil and gas.
Our 2021 investment increased due to our continuing acceleration in offshore wind and solar, as well as advancing mobility with a bolder ambition in electrification.
Our low carbon investment focus will be on renewables, bioenergy, EV charging, hydrogen, and carbon capture and storage.
Resilient hydrocarbons
We started up 11 major projects in two years. These are part of a programme of 35 projects initiated in 2016, completed on schedule and, on average, around 15% under budget.
As part of our strategy, we plan to high-grade our portfolio, lower our emissions and drive higher returns.
And, as the world seeks lower carbon fuels, we see potential to use our refining facilities to help create bioenergy.
Our aim
We aim to sustain oil and gas earnings at $30-35 billion a year until 2030, even as we reduce output by 40%.
We plan to do this by:
- Removing costs.
- Focusing on high-margin projects.
- Focusing on six regions.
Our progress
We continue to make progress high-grading our portfolio:
- Completing the creation of Azule Energy – a 50:50 joint venture combining our Angolan assets with Eni’s.
- Advancing major projects in the Gulf of Mexico, Indonesia and the North Sea to bring new sources of energy to market in 2023, while seeking ways to reduce their carbon footprint.
- Electrifying the wells at our bpx energy operations in Texas, with 80% plugged in (up from 4% in 2018) and on track for 95% by end-2023, reducing emissions from the site.
Future fuel
Bioenergy is one of the most effective and efficient ways to decarbonize transportation, whether in an aircraft, on the road or by ship.
For bp, bioenergy covers biofuels (including sustainable aviation fuel) and biogas.
Bioenergy explained
Bioenergy is renewable energy from recently living organic materials known as biomass that can be used to produce transportation fuels, heat, electricity, and products.
Our aim
Building on our existing refinery footprint, our biofuels business will help to cut emissions from transport.
By 2030, we aim to:
- Increase our bioenergy production to more than 100,000 barrels per day.
- Increase biofuels production at our refineries three-fold.
- Invest in five major biofuels projects, including the conversion of up to two existing sites.
Our progress
We produce 26,000 barrels of bioenergy a day and we’re accelerating growth.
In biogas:
In the UK, we have a 29% stake in Gasrec to help decarbonize the construction, freight, off-road and marine industries.
In the US, we agreed to buy Archaea Energy, a leading producer of renewable natural gas, which, when completed, is expected to increase bp’s biogas supply volumes by 50%.
This builds on our current biogas business in the US. We are one of the largest suppliers of RNG to US heavy-duty fleet customers.
Net zero operations
We aim to be net zero across our operations on an absolute basis by 2050 or sooner.
Net zero explained
A state of net zero GHG emissions. This can be achieved by balancing relevant emissions with total applicable deductions (through qualifying activities).
Net zero operations explained
Aim 1 relates to our Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing electricity, heating and cooling that is brought to run these operations) GHG emissions.
Our aim
Having exceeded our 2025 target, we have more to do to reduce emissions. We’re now working towards our 2030 aim of reducing operational emissions by 50% compared to 2019.
Our progress
In 2019, our combined Scope 1 and 2 operational emissions totalled 54.4MtCO2e. We’ve reduced this to 35.6MtCO2e.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
The actions we’re taking, include:
- Energy efficiency measures.
- Electrification of centralized facilities.
- Reducing flaring and managing methane.
- CCS.
Our progress explained
A 35% reduction of bp’s carbon emissions is the equivalent of more than 2 million homes’ energy use for one year.
Net zero production
We’ve set aims to achieve our overall net zero ambition by reducing emissions while bringing new projects online.
Net zero production explained
Our aim (Aim 2) is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.
This is our Scope 3 aim, and is based on bp’s net share of production*. This will mean cutting emissions from our upstream oil and gas production from our 2019 baseline of around 361MtCo2.
* Excluding bp’s share of production in Rosneft.
Our aim
Our aim is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.
Portfolio optimization
Reducing production will be key to our Aim 2, to be net zero on an absolute basis across the carbon in our upstream oil and gas production.
We expect a fall in production by around 40% by 2030 – from 2.6 million barrrels of oil equivalent per day (Mboe/d) in 2019 to 1.5Mboe/d in 2030.
Our progress
Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 16% reduction, including through divestments and existing field decline.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
CO2 is a greenhouse gas.
