Full year 2021 results – update on strategic progress
Publishing our financial results is an opportunity to look back at the progress made across each of our three strategic focus areas – resilient hydrocarbons, convenience and mobility, and low carbon energy.
It’s also a time to look ahead, to investing in the future.
Including new aims to increase investment in transition growth businesses. Driven by five transition growth engines (see below), we aim for these businesses to contribute $9-10 billion of earnings by 2030.
Over the same period, we expect to sustain our earnings from resilient hydrocarbons, despite focusing oil and gas production.
And with that, we’re also announcing plans to accelerate the greening of bp. Unique among our peers, we’re now aiming for net zero for our sales – as well as for our operations and production. Find out more.
“We enter 2022 with growing confidence. The past two years have reinforced our belief in the opportunities that the energy transition presents – to create value for our shareholders and to get to net zero.”
Bernard Looney, chief executive officer
More on our strategic progress over the past two years and our aims to 2030, below.
Resilient hydrocarbons
Convenience and mobility
Low carbon energy
Transition growth businesses
We are aiming to increase the proportion of capital expenditure in transition growth businesses to more than 40% by 2025 and around 50% by 2030. Driven by five transition growth engines (see left), our aim is to deliver earnings of $9-10 billion from these businesses by 2030.
Bioenergy, including biofuels, biogas and sustainable aviation fuel
bp anticipates investing in five major biofuels projects, including the conversion of up to two refineries, and growing biogas in the US, Europe and the UK.
Convenience and EV charging
With a focus on fast and on-the-go charging – almost half bp’s current network is fast or ultra-fast – and on fleets, bp aims to increase the energy sold across its EV charging networks 100-fold from 2019 to 2030.
Renewables
bp is on track for its target of having developed 20GW of renewables to FID by 2025 and aims for 50GW by 2030. bp remains confident of achieving 8-10% levered returns for these investments.
Hydrogen
Where we have built a significant portfolio of options in advantaged markets worldwide with potential capacity of between 0.7-1.3 million tonnes a year. We expect these to also enable additional value creation through integration with renewables and CCS.
Accelerating the greening of bp
The strategic progress and the growing confidence in the opportunities of the energy transition are allowing us to raise our ambition to becoming net zero for our sales, as well as for our operations and production – making bp unique among our peers.
- Aim 1: bp now aims to reduce operational emissions by 50% (from 2019 baseline) by 2030, compared with an aim of 30-35% previously.
- Aim 3: bp is now aiming for net zero lifecycle emissions for the energy products it sells by 2050 or sooner – a significant advance from the previous aim of a 50% reduction in their lifecycle emissions intensity. Additionally, the aim’s scope is expanding to include physically traded energy products. And for 2030, bp is aiming for a 15-20% reduction in the lifecycle carbon intensity of these products – the range within which we believe we can deliver.
Find out more about our results, our strategy and our aims here.
