Our new strategy

In February we set out our ambition to become a net zero company by 2050 or sooner and help the world get to net zero.

Rightly, there were questions about how we would do it and what the milestones would be along the way.

So today, we are announcing a new strategy that will reshape our business as we pivot from an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers.

Within 10 years, we aim to:

• Increase our annual low carbon investment 10-fold to around $5 billion a year;
• Focus our oil and gas business on value, reducing production by 40%, with no exploration in new countries;
• Partner with 10-15 cities and three core industries in decarbonization efforts and double customer interactions to 20 million per day.

And to deliver on our net zero ambition by:

• Lowering emissions from our operations by 30-35% by 2030;
• Lowering emissions associated with carbon in our upstream oil and gas production 35-40% by 2030.
• Reducing the carbon intensity of the products we sell by more than 15% by 2030.

All of this means we aim to be a very different company by 2030. And that’s what the world needs. The next decade is critical in the fight against climate change.

We believe this new strategy provides a comprehensive and coherent approach to turn our net zero ambition into action. Of course, to drive the necessary change in global energy systems will take action from everyone.

We bring with us over 100 years of experience steeped in the world of energy. We understand energy markets deeply, and we have developed unique capabilities in trading, marketing, technology and innovation.

And we are not starting from scratch in this new world. From our Lightsourcebp joint venture – now in 13 countries, to our electric vehicle charging partnership with DiDi in China, to our industry leading convenience partnerships with M&S in the UK and REWE in Germany – we are already building scale and capability.

We want to move fast but will do so with real discipline and care – keeping our focus on safety and performance while we transform. Delivering long term value for our stakeholders.

And while we don’t have all the answers, collaboration and challenge have shaped our new strategy and it is better for it. Continued dialogue will be vital to its delivery.

If you can, please take the time to read more about our strategy, plans and aims on bp.com.