Introducing 10 new aims for tracking bp’s sustainability performance
From improving working conditions for our workforce to growing our clean energy portfolio to replenishing freshwater, bp’s latest Sustainability Report highlights how our purpose, the business opportunities in the energy transition, and the needs of society and the environment are each connected.
Through the report, bp has also introduced 10 new aims – five for people and five for the planet. These sit alongside the 10 climate-related aims we set in February last year to support our purpose and net zero ambition.
It also includes information on the progress we are making on our strategy, not just on our greenhouse gas emissions targets and aims, but also with our business delivery and partnerships.
bp’s CEO Bernard Looney says: “Just as we have benchmarks to track our financial performance – such as cash flow, costs and shareholder returns – we now have benchmarks to track our sustainability performance – greenhouse gas reductions, replenishing more freshwater than we consume, advancing human rights in the places where we operate.
“This allows us to show how profits and purpose can work together in service of delivering long-term sustainable value for all our stakeholders – investors, employees and society.”
Reminder:
In February 2020, we introduced our new purpose to ‘reimagine energy for people and our planet’.
With climate foremost in our minds, we set out 10 aims to get bp to net zero by 2050 or sooner, and to help the world get there too. We are now introducing 10 further aims.
Five are to help us to care for the planet and five to improve people’s lives. Together, the full set of 20 aims define our sustainability frame.
Progress in 2020
Along with introducing the sustainability framework, the new report provides important updates on bp’s sustainability performance and progress against our net zero aims, business projects and partnerships, all delivered during an extraordinary year.
Our 2020 progress at a glance:
- Our combined Scope 1 and Scope 2 emissions, covered by aim 1, decreased by 16%.
- Improved safety performance, with fewer tier 1 and tier 2 process safety events and a reduction in recordable injury frequency, compared to 2019.
We also:
- Moved into the offshore wind market through a new strategic partnership with Equinor.
- Continued to grow in solar through Lightsource bp.
- Published an updated business and human rights policy and announced a new position on biodiversity.
- Announced our strategic partnership with Microsoft to further digital transformation in energy systems.
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