GlobalData offers a comprehensive analysis of BP, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on BP‘s ESG performance. GlobalData’s company profile on BP offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
BP, a multinational oil and gas company, has set a net-zero target for its operations by 2050 or sooner. According to the BP Sustainability Report 2022, the company has introduced a new emissions target to incentivize progress towards its net-zero ambition, with a weight of 15% for its 2023-25 cycle. BP aims to deliver value through a resilient hydrocarbon business, accelerate growth in convenience and mobility, and demonstrate a track record, scale, and value in low-carbon electricity and energy. The company has established a presence in the UK and US offshore wind with a 5GW pipeline, added 10GW renewable projects pipeline in support of hydrogen export hubs, and acquired a 7GW US solar projects pipeline. It achieved a 41% reduction in Scope 1 and Scope 2 absolute emissions compared to 2019. The methane intensity recorded in 2022 was 0.05%, an improvement from 0.07% in 2021.
BP has taken steps to reduce its carbon and greenhouse gas emissions, including introducing measures for 2023-25 performance shares, which include weighting for tier 1 and tier 2 process safety events, sustainable emissions reductions, relative total shareholder return, operational measures, and financial measures. The company has also introduced two new bioenergy measures, biofuels production, and biogas supply, and has made strong progress in low-carbon energy focusing on hydrogen and renewables & power transition growth engines. BP has doubled its renewables to FID and delivered a pipeline of renewable projects of 37GW BP net by the end of 2022. The average carbon intensity of energy items sold in 2022 was 77gCO2 e/MJ. This is a 2% reduction from its baseline year 2019.
BP's directors have considered the impact on viability from an extended pandemic scenario, as well as the potential risks associated with climate change and the transition to a lower carbon economy. The company has consulted with the remuneration committee on emissions measures to be incorporated into annual performance scorecards. BP's sustainability frame is being monitored for effectiveness, including the progress being made by management. The company believes that the real story of BP lies with its people, the culture frame it is building, its net-zero ambition, its determination to be successful, and yet to remain a company where it cares for and about one another.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.
