Our transformation
By 2030, we aim to be a different kind of energy company
We’re decarbonizing and diversifying our business.
What’s changing
Reducing our oil and gas production and lowering emissions, while keeping up cash flow by high-grading our portfolio and growing bioenergy.
Investing in low carbon energy to rapidly scale up in solar and offshore wind, and develop new opportunities in carbon capture and hydrogen.
Switching on 100,000 EV charging points and opening more than 1,000 new strategic convenience sites.
Doubling down on five transition growth businesses, planning for more than 40% of the capital we invest to be in bioenergy, convenience, EV charging, renewables and hydrogen by 2025.
Accelerating our net zero ambition – our aim is to be net zero by 2050 or sooner across operations, production and sales.
In two years, we’ve made great progress
Low carbon energy projects have grown by 400%
EV charging points are up from 7,500 in 2019 to >13,000 today
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
Laying the groundwork for seven hydrogen hubs around the world
Bioenergy production up by 18%
Serving more customers on the go at 500 new convenience stores
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
Transformation in action
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Convenience and fuels retail
Convenience is an important part of our business.
In the UK alone, we have more than 1,200 bp-branded service stations serving 7 million customers each week with high-quality fuels and everyday convenience.
EV chargers are a growing part of our retail network, with customers coming to charge their vehicle and enjoy the convenience store on our forecourts.
In 45 of the leading economies of the world, convenience is expected to nearly double* by 2030, growing at more than 5% per year.
* Euromonitor analysis.
Our aim
We aim to expand our strategic convenience network to around 3,500 sites globally by 2030.
We aim to grow our convenience gross margin at around 7% per year. This helps to fund our transformation.
We’re:
- Expanding our strategic convenience network.
- Expanding in growth markets.
- Extending our partnership with Marks & Spencer in the UK.
- Taking full ownership of Thorntons in the US.
Our progress
We’re integrating our fast EV charging experience with our leading convenience offers and services to provide customers with everything they need ‘on the go’.
We’re offering better and better digital solutions and loyalty programmes. We have around 16 million active loyalty customers.
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
Our methane intensity in 2021 was 0.07%, an improvement from 0.12% in 2020. Methane emissions from upstream operations, used to calculate intensity, decreased to around 43.0 kilotons (kt), from 71.6kt in 2020. This continues a declining trend in absolute upstream methane emissions since 2016.
Leaning into greening
bp is diversifying its energy portfolio to help the world reach net zero.
What is low carbon energy?
Energy generated with substantially lower greenhouse gas emissions compared with fossil fuels.
Our aim
We aim to have developed 20GW of renewable generating capacity by 2025 and 50GW by 2030. That’s broadly enough to meet the power needs of 36 million people.
GW explained
1 gigawatt (GW) = 1,000 megawatts = 1 billion watts. A GW is how we measure the scale of our renewable energy projects.
For example, a 1GW solar farm in the US could power 12 billion hours of TV viewing a year.
Our progress
We’re on track with 4.4GW brought to final investment decision by the end of 2021 and 24.9GW in the pipeline.
- Offshore wind – 21% of GW in pipeline.
- Solar – 79% of GW in pipeline.
More $ for new energies
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.
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
1 gigawatt (GW) = 1,000 megawatts = 1 billion watts. A GW is how we measure the scale of our renewable energy projects.
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
We are already investing in building offshore wind developments that match our scale and ambition.
bp and Equinor are developing four offshore wind assets with a capacity of 2.2GW in the US. And with our partner EnBW, we are developing three offshore wind projects in two major UK locations with a capacity of about 3GW. All together, these projects have the potential to power more than five million homes.
Recently, we’ve agreed to form a partnership with Marubeni to explore an offshore wind development in Japan.
Future fuel
Biofuels are one of the best large-scale solutions to decarbonizing transportation. Under our Energy Outlook Accelerated scenario, biofuels use increases more than two-fold to 6-7Mb/d by 2050. Bio-based sustainable aviation fuel (SAF) accounts for 30% of aviation fuel demand by 2050.
Bioenergy explained
Bioenergy – or biofuels – 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
We aim to triple our bioenergy production to more than 100,000 barrels per day (b/d) by 2030.
We will increase biofuels production three-fold at three of our refineries through bio co-processing, and invest in five major biofuels projects by 2030. This includes three standalone bio-plants and the conversion of up to two bio-refineries.
Our progress
We’re transforming our refineries at Castellón in Spain and Lingen in Germany to co-process biofuels, including SAF. And in biogas, through our co-marketing agreement with Clean Energy Fuels, we are already the largest supplier to US heavy-duty fleet customers.
We recently acquired a 29% stake in Gasrec, a major UK provider of biogas to heavy goods vehicles, to help decarbonize businesses across the construction, freight, off-road, and marine industries.
Powering the hydrogen economy
Hydrogen is playing a key role in decarbonizing power, industry and heavy goods vehicle transport.
Hydrogen explained
Blue hydrogen is extracted from natural gas with the carbon dioxide captured and stored. Green hydrogen results from the electrolysis of water using renewable power.
Our aim
We aim to develop a leading market position producing and supplying low carbon hydrogen, capturing 10% of core markets by 2030.
bp’s world-scale hydrogen project, part of Net Zero Teesside, aims to produce 1GW of blue hydrogen starting in 2027, capturing and sending for storage up to 2 million tons of CO2 per year.
That’s equivalent to the energy use of 218,492 UK households.
Our progress
In the UK, we aim to produce up to 1.5GW of blue and green hydrogen by 2030. And we are planning seven world-class low carbon hydrogen hubs across Europe, the Middle East and Australia.
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.
Getting more electrons through the system
The key to greater electric vehicle (EV) adoption lies in the provision of more convenient charging for both consumers and businesses. That means charging stations in the right locations and faster recharging times.
EVs are transforming global mobility. There could be 2 billion electrified vehicles in the global vehicle parc by 2050, according to bp’s Energy Outlook Accelerated and Net Zero Scenario estimates.
Our aim
bp is aiming to install more than 100,000 charging points globally by 2030.
We’ve installed 73% more since 2019 and are on track to reach the 2030 aim.
We’ve also launched a strategic partnership with Volkswagen Group that aims to install 4,000 fast charging units with two charging points on each in key European markets by the end of 2024.
Our progress
We sold 45% more electrons in Q3 2021 than the previous quarter. That’s because we’re growing our fast, rapid and ultra-fast infrastructure. About 50% of bp pulse is rapid or ultra-fast.
Globally, bp’s EV customers already have access to around 8,700 rapid and ultra-fast charging points.
As part of a new £1 billion investment plan in the UK over 10 years, bp pulse is set to approximately triple its number of charging points by 2030.
