BP sets out its 2030 interim emissions reduction goals, on the path to achieving net zero by 2050 or sooner.
The London-based oil and gas company is targeting ‘absolute emissions’ reductions by 2050, although some of the company’s indirect emissions are excluded from this commitment.
In February 2020, BP set an ambition to be a net zero company by or before 2050 across its operations, with a net zero carbon target on oil and gas production on an absolute basis, setting it apart from many of its peers in the sector. In August 2020 the company released its plan for the decade ahead towards that net zero goal.
The Net Zero Momentum Tracker has assessed the BP commitment as ‘partially aligned’ when measured against the goals of the Paris Agreement. The Momentum Tracker is a Climateworks and Monash Sustainable Development Institute joint initiative to assess organisational climate commitments against the global ambition to limit temperature rise to well below two degrees Celsius.
Our rating acknowledges the significance of BP’s commitments, one of the few companies in the sector to have ‘absolute’ emissions reduction targets. BP aims to achieve net zero greenhouse gas emissions (CO2 and methane) across its operations and “net zero on carbon” (CO2 only) for its oil and gas production by 2050. However, significant emissions are excluded, including downstream scope 3 emissions from manufacture, distribution, retailing and use of BP’s sold products. To fully align with net zero by 2050, BP and other resource companies must set aligned absolute targets for all direct and indirect emissions, including those associated with the products they sell.
BP has set interim targets including:
- emissions from operations will be 30-35% lower by 2030
- emissions associated with carbon in upstream oil and gas production will be 35-40% lower by 2030
- carbon intensity of the products it sells will be lowered by more than 15% by 2030
The company is yet to set a target date for achieving its 50% methane intensity reduction goal.
- Net zero across BP’s operations on an absolute basis by 2050 or sooner, supported by interim targets.
- Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner, supported by interim targets.
- 50% cut in the carbon intensity of products BP sells by 2050 or sooner.
- Install methane measurement at all BP’s major oil and gas processing sites by 2023 and subsequently reduce methane intensity of operations by 50%.
- Increase the proportion of investment into non-oil and gas businesses over time.
How we assess momentum to net zero:
Fully aligned: Net zero by 2050 target for all material emissions.
Closely aligned: Net zero by 2050 target for most, but not all material emissions.
Aligned aspiration/pathway: Net zero by 2050 aspiration, or an aligned interim target.
Partially aligned: Net zero by 2050 target for a small proportion of emissions.
Not aligned: Undertaking emissions reduction activities, but these are not sufficient to reach net zero by 2050.
No target: No emissions targets or activities have been disclosed.
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