Our transformation
And, not or
We believe the world wants and needs a better and more balanced energy system that delivers secure, affordable and lower carbon energy.
We’re playing our part by investing in today’s energy system, which is mainly oil and gas – and, not or – in our transition and the energy transition.
And while we’re mostly in oil and gas today, we’ve increased global investment in our lower carbon, convenience stores and power trading businesses (what we call our ‘transition growth engines’) from around 3% in 2019 to around 23% in 2023.
Increasing investment in these engines is a sign that bp’s wider transformation is under way
Turning plans into action
Every day, our team is hard at work putting shovels in the ground to deliver on our targets and aims
Electrifying wells
Rapid charge
Ready for wind
Waste to fuel
Off the ground
New York store
Net zero
Regional focus
In the UK, US and Germany watch our teams in action on the challenge to keep energy flowing where and when it’s needed and, at the same time, developing lower carbon technologies
Backing Britain
Investing in America
bp in action
Working in partnership to accelerate change
Tackling climate change cannot be achieved in isolation; it needs everyone to pull together.
That’s why bp is collaborating with exceptional partners on the journey towards net zero. Here are some of our many invaluable partnerships.
Our aims and progress
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Spotlight on our net zero and strategic progress
Since launching our net zero aims in 2020, We’ve been in action to deliver them. Discover more in the summary of our progress against our five aims to get bp to net zero by 2050 or sooner.
We have also set targets and aims against our strategic focus areas out to 2025 and 2030. Here is our progress towards achieving them in our three strategic pillars: resilient hydrocarbons, convenience and mobility, and low carbon energy.
bp in action
Making sustainable aviation fuel from used cooking oil to designing a new facility to produce renewable, green hydrogen, powering up new chargers for electric cars, and much more.
Investing in America
We’re investing in the energy people need today, like oil and gas, and investing in the transition to lower carbon energy. Watch our teams turn plans into action across the US
While we’re mainly in oil and gas, we’ve increased global investment into our lower carbon and other transition businesses (what we call our ‘transition growth engines’) from around 3% in 2019 to around 30% in 2023.
Backing Britain
Delivering secure supplies of oil and gas that keeps the world moving to installing chargers to help the switch to EVs, our — and, not or — approach is delivering across the UK. Watch our team hard at work to deliver on today’s energy system while building tomorrow’s.
For more detail see here
Net zero ambition
Compared with 2019, we have reduced emissions from our operations by 41% (aim 1), reduced emissions from the use of our oil and gas production by 13% (aim 2) and are aiming for a 25% reduction in bp production by 2030 (compared to 2019). Reduced the carbon intensity of the products we sell by 2% (aim 3) and decreased our methane intensity to less than half its previous value from 0.14% to 0.05%.
Find more detail in the Net zero ambition progress update report.
In action today
New York store opens
The first ampm convenience store has opened in New York City, complete with hot deli and grocery.
The new bp-owned and operated store in the Bronx is part of a pilot project to open four ampm stores in the New York market. It joins more than 1,000 stores in the chain located on the West Coast.
Hear what general manager – and New Yorker – Titus has to say about serving the local community 24/7.
Discover more about our Convenience business →
Our aim
Convenience is an important part of our transformation. As customers change the way they use our forecourts, our sites will change with them.
To connect more with our customers, we aim to:
- Increase our customer touchpoints from ~12 million a day in 2022 to >15 million by 2025 and to >20 million by 2030.
- Expand our strategic convenience network (sites that have fuel plus food for now and food for later) to ~3,500 by 2030.
Our progress
We’re integrating our fast EV charging experience with our leading convenience offers and services.
We’re:
- Expanding our strategic convenience network, with 2,900 sites globally today – an increase of 450 compared to 1Q 2023.
- Expanding in growth markets, such as our Jio-bp network or retail stations in India.
- Extending our partnership with Marks & Spencer in the UK.
- Taking our ampm convenience offer to the US East Coast with two new stores in New York City.
In action today
Model city
In Aberdeen, we’re advancing big hydrogen plans – in miniature. Working with Aberdeen City Council, our transport model is running on hydrogen fuel, helping us to develop digital solutions aimed at having a big impact on decarbonizing transport.
Watch this video to see how one small model could potentially help a city’s transportation system with its aim to reach net zero.
Discover more about our hydrogen business. →
Powering the hydrogen economy
Hydrogen is set to play a key role in decarbonizing power, industry and mobility. According to the IEA, now is the time to scale up technologies and reduce costs to enable its wider use.
Initially, we plan to supply our own refineries before ramping up production and developing global export hubs for hydrogen and its derivatives.
Hydrogen explained
Blue hydrogen is produced from natural gas with the CO2 captured and stored. Green hydrogen is produced by the electrolysis of water using renewable power.
Our aim
We have a solid track record of delivering and operating complex projects on a global scale and own multiple refineries that are ready to be decarbonized.
We aim to build global leadership in low carbon hydrogen, delivering 0.5-0.7mtpa of primarily green hydrogen production (net) by 2030.
Our progress
We have a global-scale project pipeline of 2.8 million tonnes per annum (mpta) of hydrogen production capacity.
We are:
- Progressing projects to deliver low carbon hydrogen to four of our refineries.
- Helping to make Teesside the UK’s first decarbonized industrial cluster.
- Developing plans and partnerships for projects in Abu Dhabi, Australia, Egypt, Europe, Mauritania, Oman, the UK and the US.
In action today
Fast track
Formula 1 must be 100% sustainable* by 2026. We’re working to develop a new fuel for the BWT Alpine F1® Team. But using fuel like this doesn’t end when the race does as what we learn could potentially be applied to develop fuels for wider transport use.
*Sustainable fuel as complies with FIA 2026 Formula One® Technical Regulations, delivering a minimum GHG emission reduction consistent with the EU Renewable Energy Directive
Discover more about our Bioenergy business →
A growing alternative
Bioenergy is one of the most effective and efficient ways to decarbonize transportation, whether in an aircraft, on the road or by ship.
For bp, bioenergy covers biofuels (including sustainable aviation fuel) and biogas.
Bioenergy explained
Bioenergy is a lower carbon fuel and power option, and it’s renewable – coming from sources such as used cooking oil, sugarcane and gas captured from landfill sites. It’s already in use today, fuelling transport, heating homes and powering businesses.
Our aim
bp has an established global biogas and biofuels business today and we are deepening our investment in bioenergy. We’re accelerating biofuels production growth, focusing on sustainable aviation fuel and leveraging our global refining footprint.
By 2030, we aim to increase:
- Biofuels production to ~100 thousand barrels per day (mbd) – up from 32mbd today. This includes growing our co-processing volumes at our refineries by three times.
- Biogas supply to ~70,000 barrels of oil equivalent per day (mboed).
Our progress
We produce 32,000b/d of biofuels and we’re accelerating growth.
In biogas:
In the UK, we acquired a c.38% stake in Gasrec to help decarbonize businesses in the construction, freight, off-road, and marine industries.
In the US, we acquired Archaea Energy, a leading producer of renewable natural gas, which helped to increase our biogas supply volumes by 80% from 2022 to end-2023.
This builds on our current biogas business in the US. We are one of the largest suppliers of RNG to US heavy-duty fleet customers.
In action today
Developing wind farms
High-tech Seawatch® Wind LiDAR buoys scope the Irish Sea before construction can begin on two new wind farms.
The light detection and ranging buoys measure conditions such as wind speed, wave height and ocean currents to help us better understand the proposed design and construction of our Morgan and Mona projects with partner EnBW.
When operational, these projects could deliver a significant volume of offshore wind in support of the UK Government’s target to deploy up to 50GW by 2030.
In action today
Building solar
It’ll take 46,000 steel beams to construct our new solar farm in Fulton County, Ohio.
Once completed, renewable electricity from the 134-megawatt Arche Solar project will be used to power operations for Meta, the social media company. bp has an agreement with Meta – bringing together two corporations to work together to grow renewable energy in the US.
Discover more about our Renewables & power business →
Our aim
bp aims to build a portfolio – including a global position in offshore wind – in support of green hydrogen, EV charging and power trading, and grow our solar joint venture Lightsource bp.
We aim to have developed 50GW of renewable generating capacity to FID by 2030 – equivalent to the power needs of 36 million people*.
GW explained
A gigawatt is how we measure the scale of renewables projects.
1GW = 1,000 megawatts = 1bn watts.
*Based on 2019 global average electricity consumption per capita value.
Our progress
Our developed renewables to FID and renewables pipeline were 64.7GW at 1Q 2024. The pipeline increased by 21.1GW net during 2023, including bp being awarded the rights to develop two North Sea offshore wind projects in Germany and increases to Lightsource bp’s pipeline.
We’ve completed a deal to operate one of the world’s largest planned renewables and green hydrogen energy hubs in Australia, which aims to develop up to 26GW of solar and wind generating capacity.
In action today
Charging ahead
We’ve opened the UK’s largest public EV charging hub, home to 30 ultra-fast 150kW and 150 7kW charge points, enabling up to 180 EVs to charge simultaneously.
Located at the National Exhibition Centre (NEC) in Birmingham, the Gigahub™ is one of nine opened by bp pulse across the UK in 2023.
Projects like these will help get bp to our global aim of 100,000 charging points installed this decade.
Discover more about our EV charging business →
Our aim
As cars and fleets go electric, we’re ready to charge! We have a global chain of retail sites, strategic partnerships with car brands like VW, and a growing charging network.
By 2030, we aim to grow our global network to >100,000 EV charge points – 90% of which we expect to be rapid or ultra-fast – and to increase energy sales from those by more than 100-fold from 2021.
As part of a £1 billion investment plan in the UK over 10 years, we aim to increase the number of rapid and ultra-fast chargers five-fold by 2030.
Our progress
We have more than 29,000 charge points globally.
Around 50% are now rapid or ultra-fast. Our 150kW chargers are capable of delivering up to 120km of range in around 10 minutes of charging, depending on the model of vehicle.
To accelerate our rollout plans, we’ve announced we’re working with VW, Iberdrola and REWE in Europe, Avatr in China, M&S in the UK, and Hertz and Tesla in the US.
And, we’ve built the UK’s largest EV charging Gigahub™ and an EV truck charging corridor in Germany.
In action today
Electrifying operations
We’re tying more and more natural gas wells directly into the grid at our bpx energy operations in the US Permian, meaning no gas-driven generators, no tanks and no flares at those sites.
We met our 2023 target to electrify 95% of our operated wells.
We think electrification is the most efficient, reliable and cost-effective way to distribute power across an oilfield.
Discover more about our oil & gas business and operational efficiency →
Our oil and gas business
In our oil and gas business, we work to prioritize high-quality projects we can deliver quickly and at lower cost. Where we can, we’ll use existing infrastructure to maximize our contribution to energy security and affordability while minimizing additional emissions.
Projects like Seagull, a tieback to our existing ETAP platform in the North Sea.
Net zero aims and progress
We are uniquely, we believe, the only oil and gas company to have short, medium and long-term net zero aims across operations, production and sales.
Our aim 1 is to be net zero across our entire operations by 2050 or sooner.
The decreased emissions reported in 2022 include divestments and sustainable emissions reductions (SERs).
Our focus is to apply our skills to find further SERs. We continue to advance potential projects, including flaring and venting reduction, energy efficiency, electrification and CCS.
Winds of change
We started 2019 with 0GW of offshore wind generating capacity. After successful bids in some of the fastest-growing regions, our offshore wind pipeline is now 5.2GW.
GW explained
A gigawatt is how we measure the scale of our renewable energy projects.
1 gigawatt (GW) = 1,000 megawatts = 1 billion watts.
For example, 1GW of offshore wind power each year in the US provides enough electricity to make 150 billion cups of coffee.
Our aim
bp aims to build a world-class wind energy business.
Offshore wind is growing at around 20% a year globally and recognized as being a core part of the world’s need to limit emissions. That’s why it has a central role to play as we deliver on our strategy.
Our progress
We are already investing in building offshore wind developments that match our scale and ambition.
bp and Equinor are developing four offshore wind assets with a capacity of 2.2GW in the US. And with our partner EnBW, we are developing three offshore wind projects in two major UK locations with a capacity of about 3GW. All together, these projects have the potential to power more than five million homes.
Recently, we’ve agreed to form a partnership with Marubeni to explore an offshore wind development in Japan.
Producing oil and gas
As well as increasing investment into the energy transition, we also plan to invest up to $8 billion more this decade globally compared to our previous plans – on average, $1 billion more each year – in today’s energy system, which depends on oil and gas.
The Ocean GreatWhite drilling rig – pictured – recently started a drilling programme for bp planned to help us deliver more oil and gas from our existing production facilities west of Shetland.
Installing EV chargers
We’ve just opened bp pulse’s fastest, most powerful, and largest UK EV charging hub to date in Kettering – the site features 10 300kW chargers, one of the fastest chargers available in the UK today.
It’s part of our plan, which we announced in 2022, to invest £1 billion in the UK over 10 years, expanding EV charging. With this investment, we aim to increase the number of our UK rapid and ultra-fast chargers five-fold by 2030, compared with December 2020.
Building plants in Teesside
In March, two bp-led low carbon projects, Net Zero Teesside Power and H2Teesside, were selected to proceed to negotiations for government funding.
HyGreen Teesside has also been selected to progress to the next stage of DESNZ’s Hydrogen Business Model and Net Zero Hydrogen Fund programmes. Work on design and planning is happening while we await the DESNZ processes and final investment decisions.
Here, a worker heads to take a soil sample for a geological survey to plan a CO2 pipeline.
Developing wind farms
With our partner EnBW, we’re developing up to 5.9GW gross of electricity generation capacity from offshore wind in the North Sea and Irish Sea. Gathering weather data to inform design is under way in the Irish Sea.
There’s more to come, including obtaining permits and permissions, but we aim to have the wind farms ready by 2030, when we estimate they’ll have the potential to provide enough electricity for 6 million UK homes. (Based on Ofgem’s currently available typical domestic electricity consumption values.)
Net zero production
We’ve set aims to achieve our overall net zero ambition by reducing emissions while bringing new projects online.
Net zero production explained
Our aim (Aim 2) is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.
This is our Scope 3 aim, and is based on bp’s net share of production*. This will mean cutting emissions from our upstream oil and gas production from our 2019 baseline of around 361MtCo2.
* Excluding bp’s share of production in Rosneft.
Our aim
Our aim is to be net zero on an absolute basis across the carbon in our upstream oil and gas production by 2050 or sooner.
Portfolio optimization
Reducing production will be key to our Aim 2, to be net zero on an absolute basis across the carbon in our upstream oil and gas production.
We expect a fall in production by around 40% by 2030 – from 2.6 million barrrels of oil equivalent per day (Mboe/d) in 2019 to 1.5Mboe/d in 2030.
Our progress
Emissions from the carbon in our upstream oil and gas production fell by around 57MtCO2e, a 16% reduction, including through divestments and existing field decline.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
CO2 is a greenhouse gas.
Net zero operations
We aim to be net zero across our operations on an absolute basis by 2050 or sooner.
Net zero explained
A state of net zero GHG emissions. This can be achieved by balancing relevant emissions with total applicable deductions (through qualifying activities).
Net zero operations explained
Aim 1 relates to our Scope 1 (from running the assets within our operational control boundary) and Scope 2 (associated with producing electricity, heating and cooling that is brought to run these operations) GHG emissions.
Our aim
Having exceeded our 2025 target, we have more to do to reduce emissions. We’re now working towards our 2030 aim of reducing operational emissions by 50% compared to 2019.
Our progress
In 2019, our combined Scope 1 and 2 operational emissions totalled 54.4MtCO2e. We’ve reduced this to 35.6MtCO2e.
MtCO2e explained
Metric tons of carbon dioxide equivalent.
The actions we’re taking, include:
- Energy efficiency measures.
- Electrification of centralized facilities.
- Reducing flaring and managing methane.
- CCS.
Our progress explained
A 35% reduction of bp’s carbon emissions is the equivalent of more than 2 million homes’ energy use for one year.
