Explaining our approach to net zero emissions
It’s now been a few months since the launch of our ambition to be net zero by 2050 or sooner and to help the world get there too. And we set out 10 aims to support our ambition.
A common question I have heard since then is about understanding our first three aims - those specifically about reducing emissions - and how they fit together. I hope this video explains what we’re doing, and why.
Every company has a different approach to this. We’re aiming for absolute reductions - to net zero emissions - from all our operations and for the carbon in our upstream oil and gas production by 2050 or sooner. If the world is to meet the Paris goals - the only way to achieve that is for total emissions to come down. That is why we chose these aims, because we want to get to net zero as bp, and we want to help the world to get there.
But a report today from the Transition Pathway Initiative suggests that our net zero ambition is not consistent with Paris. From the above - you can imagine that we disagree - and I’d like to explain why.
The TPI’s analysis focuses heavily on one measure - carbon intensity. bp too has an intensity metric but we do not believe it is a reliable single measure of progress towards the Paris goals. This is because, for an individual company, carbon intensity can fall even if absolute emissions remain flat - or even grow. And as I’ve said, the world needs emissions to come down.
And there’s something even more fundamental. We believe that, to understand whether a company’s approach is consistent with the Paris goals, you need to look at its overall contribution to helping the world meet those goals. And activities like policy advocacy in support of net zero don’t show up in a company’s greenhouse gas metrics. We believe that our 10 aims - of which our carbon intensity aim is only one – collectively set out a path consistent with the Paris goals. We know that many people want to know more, and we will - as we said in February - come back in September with the next level of detail.
We will continue to engage with the TPI to help provide transparency around these issues. At the end of the day - we all want the same thing. And as we’ve always said - we’re better when we talk and listen to each other.
World Economic Forum Programme Manager at Accenture
4 年William Irwin
Author of "Let's talk about mental health and safety" and "HAZOP Questions". HAZOP, LOPA and SIL trainer.
4 年Bernard- Today is the third anniversary of the attached letter being sent to Atkins by the bp Upstream during your time in charge. A brief resume of what happened: a rogue bp employee with some sort of an agenda made a complaint against me. bp fired off the allegation to Atkins without corroborating it. (Atkins equally could have behaved better.) If bp had spent as little as ten minutes investigating the matter you would have discovered that the attendees were not offended and that I conducted the HAZOP well. You can imagine what this has done to my mental health. As a 22 year bp veteran and pensioner, it was apparent that there was a different attitude towards contractors. Since you are now promoting your commitment to mental health, it's time you came to terms with this event. I remain ready to help you in this. Mental Health Awareness Week might be a good time for us to discuss this.
Strategy & Innovation for International Development
4 年I applaud BP’s leadership on changing strategy direction, which is noticeably being followed up by other major energy companies. You may be sparking faster transformation across the industry. I also applaud your transparency in engaging with criticism and listening to people beyond your sector. I really hope your announcements in September contains an ambitious set of interim targets for 2023-2025. My concern with Governments and companies setting 2050 targets is that they may effectively change their narrative while leaving the most difficult changes to their successors. Everyone knows it’s really how much we do in the next 5 to 10 years that locks us into a path. BP will win or lose a lot of trust depending on next few years’ progress
Electric Vehicle Charging Category Manager
4 年Very proud to be part of this energy sector transition and the role bp is leading here.
Senior commercial executive with global insight across the Downstream energy industry
4 年Thank you Bernard Looney. I found the illustrative description particularly useful as a clear map of how the points of action / focus fit together. As a supplier to bp I am grateful for the clarity on expectations for a reduction in carbon intensity of our products; As an energy industry leader I am grateful for the thoughtful and realistic approach to our single biggest challenge; As a citizen of the world and a father, I am grateful for your leadership to make a difference for the future.