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 climate change 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.
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BP, a prominent oil and gas company, is committed to achieving net zero by 2050, setting targets across operations, production, and sales. For net zero sales, the company aims for a 5% reduction in carbon intensity by 2025, having achieved a 2% reduction from the 2019 baseline. The recorded carbon intensity for sold energy products is 77gCO2e/MJ, indicating a 2% reduction. In terms of net zero operations, BP targets a 50% reduction in operational Scope 1 and 2 emissions by 2030, achieving a 41% reduction by the end of 2022. For net zero production, aiming at a 10-15% reduction in scope 3 emissions by 2025 and 20-30% by 2030, the company has achieved a 15% reduction as of 2022. BP's combined Scope 1 & Scope 2 emissions were 31.9 MtCO2e, and Scope 3 emissions were 307 MtCO2.
BP is focused on reducing its emissions and transitioning to a lower carbon economy. The company has already taken measures to improve its performance in areas such as safety, sustainability, operational reliability, and financials. It has also made investments in renewable energy projects, including offshore wind, hydrogen, and solar.
BP is committed to delivering value through a resilient hydrocarbon business while accelerating growth in convenience and mobility. The company aims to demonstrate its track record, scale, and value in low carbon electricity and energy. It has set targets for the development of renewables, biofuels production, and LNG portfolio.
Overall, BP is making progress towards its net-zero targets and has taken significant steps to reduce its carbon emissions. The company is investing in renewable energy projects and focusing on sustainability and operational performance. BP's commitment to net-zero and its efforts to transition to a lower carbon economy are evident.
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