Getting to Net Zero
Our ambition is to be a net zero company by 2050 or sooner, and to help the world get to net zero.
We believe our net zero ambition and aims, taken together, are consistent with the goals of the Paris Agreement. By setting a path that enables us to make a positive contribution, working to build out and participate in many of the new energy value chains the world will need, and through our efforts to reduce our overall operational emissions, our ambition and aims support the world’s progress towards the goals of the Paris Agreement.
Our net zero operations aim
Our goal is to reach net zero for Scope 1 and 2 emissions by 2050 or earlier. This covers emissions from assets we operate and the energy we use to run them. We also plan to keep methane intensity at very low levels across all operated producing sites. Progress depends on supportive government policies.
We target a 20 percent cut in operational emissions by the end of 2025. Based on current outlook and assumptions, we aim for a 45 to 50 percent cut by the end of 2030, compared with 2019. We aim for 0.20 percent methane intensity by 2025 and plan to hold it at near zero after that.
This applies to Scope 1 emissions from operated assets and Scope 2 emissions from purchased electricity, heating, and cooling. These totalled 54.5 MtCO2e in 2019. We also work with operators of key non-operated joint ventures to support actions that lower their operational greenhouse gas emissions and methane intensity.
Our progress on Scope 1 and 2 emissions in 2024
Our combined Scope 1 and 2 emissions, covered by this aim were 33.6MtCO2e – a decrease of 38% from our 2019 baseline. The total reduction includes 18MtCO2e attributable to divestments and 5.4MtCO2e in emissions reduction activities.
Compared with 2023 (32.1MtCO2e), Scope 1 and 2 emissions increased in 2024 due to growth in our portfolio, project start-ups and operational issues at Tangguh, Indonesia.
Our progress on methane emissions in 2024
In 2024 we started reporting on the basis of our new methane measurement approach across our major operated oil and gas processing sites.
Using this approach our methane intensity was 0.07% (2023 0.05%a) and the methane emissions from our upstream operations used to calculate this intensity were 46kt (2023 31kt).
The higher emissions and intensity in 2024 are primarily from flaring due to operational issues in our Tangguh, Indonesia operations, and increases from a temporary operating mode quantified as a result of our new measurement approach in our Tangguh operations.
Our net zero sales aim
Our aim is to reduce to net zero the carbon intensity of the energy products* we sell by 2050 or sooner, enabled by supportive government policies and by decarbonization of energy demand.
Our interim target is a reduction in intensity of 5% by the end of 2025. Informed by our strategy reset, and a range of assumptions, our aim is now a reduction of 8-10% for the end of 2030 against the 2019 baseline.
This aim applies to the average carbon intensity of the energy products we sell. It is estimated on a lifecycle (full value chain) basis from the use, production, and distribution of sold energy products per unit of energy (MJ) delivered.
We have updated our net zero sales methodology to follow a net volume accounting approach, guided by Ipieca’s sectoral guidance (2016) for Scope 3 reporting. The approach focuses on identifying the point where the largest amount of sold products is transferred within a given commodity’s value chain. We believe this will better reflect and track our strategic progress over time. More detail is provided in bp’s 2024 Basis of Reporting.
Our progress in 2024
The average carbon intensity of our sold energy products was 79gCO2e/MJh.
This represents a 6%i reduction from our 2019 baseline, driven by improvements in the well-to-tank emissions of sold products and changes in the sold product mix.
The 2024 figures include part-year accounting of sales from GETEC ENERGIE, the acquisition of which we completed in August 2024, and for bp bioenergy and Lightsource bp, of which we took full ownership in October 2024.
Energy included under net zero sales for 2019 (our baseline year) has been restated to 7.9EJ and the associated lifecycle emissions to 671 MtCO2e. The 2019 carbon intensity baseline is now 84gCO2e/MJ. We have also updated all other reporting years.
Strategic progress
Our net zero sales progress and reductions in the average carbon intensity of sold energy products are directly linked to the implementation of our strategy. In part, they are also driven by our efforts to decarbonize the products we currently sell, and by our investments in EV charging, bioenergy, renewables, power and hydrogen in line with the decarbonization of our activities and global demand over time.
We are investing in renewable energy through capital-light partnerships in renewables and through high-grading and focusing our hydrogen portfolio. Two hydrogen projects were taken to final investment decision (FID) in 2024, one at our refinery in Lingen, Germany and another, in partnership with Iberdrola, in our refinery operations in Castellón, Spain.