Driving ambition: Bernard on the year since bp’s net zero launch

One year on from our ambition launch, Bernard looks back at the initial steps bp has taken in our #bpnetzero journey and shares his pride in the team that delivered despite the challenges of the global pandemic. Plus, watch this review of the year in 60 seconds

3) Beginning our reinvention of bp: 

To deliver our strategy, we retired bp’s upstream/downstream model and created a ‎leaner, flatter, more integrated company. We are driving down costs and improving efficiency through agile working and digitization.

4) Making progress through partnerships: 

We can deliver more when we work together – so we agreed low carbon partnerships with Amazon, Equinor, Microsoft, Ørsted, Qantas, EnBW and Uber, as well as the cities of Houston and Aberdeen. 

5) Diversifying bp: 

We’ve entered the US and UK offshore wind markets – striking deals for significant positions in both. Our solar partnership Lightsource bp has been a delivery machine. We’re also in action planning industrial-scale production of green hydrogen and leading a partnership to develop the UK’s first decarbonized industrial hub. All of this means we have a pipeline of 12.5GW (net) in renewables projects – well on our way to our goal of 50GW by 2030.

6) Focusing our hydrocarbons: 

We’ve focused on the best new oil and gas production in Egypt, Oman, India, the Gulf of Mexico, North Sea and Southern Gas Corridor. These projects keep bp on track to deliver 900,000 extra barrels per day from major projects by the end of 2021, relative to 2015. With margins around 35% higher than the base business we had in 2015, these new barrels are a cash engine powering our transformation.

7) Demonstrating financial discipline: 

We’ve reduced our net debt, revised our long-term price assumptions, and strengthened our balance sheet through divestments like the sale of our petrochemicals business. But it’s also about what we haven’t done – like walking away from deals to add 12GW of renewables in 4Q 2020 because they did not meet our investment criteria of 8-10% expected returns.

8) Committing to people and planet: 

Our new sustainability frame governs our wider approach to environmental and social issues. Our updated human rights policy clarifies our commitments to the communities where we live and work – and to everyone who works for and with us. Our new biodiversity position enables us to achieve a net positive impact on biodiversity in our new projects. 

9) Driving down emissions: 

We will soon be reporting on emissions in our Sustainability and Annual Reports – but I am pleased that our efforts to transform from a brown business to much greener one are starting to take effect. It’s what we like to call the greening of bp. 

10) Supporting our communities:

All of this took place during the most extraordinary and challenging year. So, I am perhaps most proud of how our people supported their colleagues and neighbours during the pandemic. From 3D printing masks to free fuel for the emergency services – they genuinely put our purpose into action.

Throughout all of this – I am proud that we’ve performed while we’ve transformed – and had one of our safest years ever.

Of course, ‘greening’ companies like ours have a long way to go, but as we begin year two of our transformation, I am even more energized and determined to reach our ambition. 

Day by day, it becomes clearer that we are on the right path. And not just because our people are motivated by this. But because it’s a tremendous business opportunity. Everything is aligning for us to do good for people and our planet.