Getting to net zero
Getting to net zero
In February 2020 we set out our ambition to be a net zero company by 2050 or sooner and to help the world get to net zero. This ambition is supported by 10 aims: five to help us become a net zero company, and five to help the world meet net zero.
We believe that our net zero ambition and aims, taken together, set out a path for bp that is consistent with the goals of the Paris Agreement.
Our net zero targets and aims
Since 2020, we have made the following updates to our aims:
- For aim 1 we now aim for a 50% reduction in our operational Scope 1 and 2 emissions in 2030 (formerly 30-35%).
- For aim 2 we are now targeting a 10-15% reduction by 2025 (previously 20%) in the emissions associated with the carbon in our upstream oil and gas production and are aiming for 20-30% reduction by 2030 (previously 35-40%).
- For aim 3 we are aiming to reduce to net zero the average carbon intensity of sold energy products by 2050 or sooner (previously a reduction of 50%). For 2030 we are aiming for a 15-20% reduction in the lifecycle carbon intensity of these products (previously >15%). We also expanded aim 3 to include physically traded energy products.
- Our aim 5 is now aligned with our transition growth engines This means we expect to invest more than 40%, or $6-8 billion of our capital expenditure in transition growth engines by 2025 and around 50% by 2030 – or $7-9 billion.
