BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.
London-based BP laid out its progress and ambitions in a sustainability report, shortly after Shell had published a release of its own on Thursday.
BP said it was on track to hit the net zero company by 2050, as did Shell.
BP said that in 2023 it reduced operational emissions by 41% compared to 2019, although progress stalled when compared to 2022, reflecting the start-up of new projects.
Chief Executive Murray Auchincloss said: ‘We remain ahead of of our 2025 target and continue to lay the groundwork for sustained decarbonisation.’
He said BP also is aiming for net zero across the energy products it sells.
In 2023, BP grew its biofuels production by 18%, biogas volumes by 80% and the number of electric vehicle charging points by one third.
BP also continues to expand its renewables and hydrogen project pipelines.
BP is targeting a 20% reduction in operational emissions by 2025 improving to 50% by 2030.
BP said it reduced emissions by 41% in 2023, already surpassing the 2025 ambition. But it said new projects are coming on line adding to the challenge of reducing operational emissions.
BP said it is aiming to reduce the carbon used in its upstream oil and gas business by 10% to 15% by 2025, rising to 20% to 30% by 2030.
It also pledged to reduce the carbon intensity of products it sells by 5% by 2025, improving to 15% to 20% in 2030.
BP also pledged to cut the methane intensity in its operations by 50% and increase the proportion of investment in non-oil and gas businesses.
To back these plans, BP will increase its investment in non-oil and gas products. By 2023, BP expects this investment to total between $7 billion to $9 billion.
Also on Thursday, Shell said that it now plans to reduce the ‘net carbon intensity’ of the energy it sells by 15% to 20% by 2030 compared to 2016. Its previous target had been to reduce the measure by 20%.
It also dropped a plan to reduce net carbon intensity by 45% by 2035 due to ‘uncertainty in the pace of change in the energy transition’, although it still intends a 100% reduction by 2050.
Alongside the reduction in these targets, Shell announced a new target to reduce the emissions caused when customers use its oil products by 15% to 20% by 2030 compared to 2021.
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