ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
Featured Posts
    • Latest News
    Tibetan cities locked down over first Covid outbreak in two years
    • August 9, 2022
    • Companies
    London’s ‘magic circle’ law firms make renewed bid to crack US
    • August 9, 2022
    • Markets
    Fed help isn’t coming | Financial Times
    • August 9, 2022
    • Latest News
    News Corp profits almost double as subscriptions drive post-pandemic recovery
    • August 9, 2022
    • Companies
    FirstFT: Rishi Sunak promises to ease cost of living crisis
    • August 9, 2022
Featured Categories
Belarussia
View Posts
Companies
View Posts
Energy
View Posts
Environment
View Posts
Food
View Posts
Governance
View Posts
Health
View Posts
Investors
View Posts
Latest News
View Posts
Markets
View Posts
Potash
View Posts
Regulators
View Posts
Russsia
View Posts
Social
View Posts
Supply Chain
View Posts
Sustainable Finance
View Posts
Technology
View Posts
Uncategorized
View Posts
ESG Telegraph ESG Telegraph
7K
9K
4K
1K
ESG Telegraph ESG Telegraph
  • Home
  • Latest News
  • Environment
  • Companies
  • Investors
  • Governance
  • Markets
  • Social
  • Regulators
  • Sustainable Finance
  • Latest News

BP pledges net zero for Scope 3 emissions by 2050

  • February 14, 2022
  • Staff
Total
0
Shares
0
0
0

Oil and gas giant BP is ramping up its climate goals by setting a 2050 absolute net zero target for its indirect, or Scope 3, greenhouse gas emissions.

Previously, it had aimed to reduce its Scope 3 emissions intensity by 50% by 2050.

It had also stated it would reduce its operational – or Scope 1 and Scope 2 – emissions by 30%-35% by 2030, but this target has now been raised to a reduction of 50% by 2030.

The more ambitious goals were announced alongside news last week of BP’s highest annual profits in eight years. BP made a profit of $12.9bn in 2021 after a loss of $5.7bn in 2020.

The company maintained its dividend of 5.46 cents per share and stated it will buy back $1.5bn of shares in the first quarter of this year.

Capex shift

BP also stated it plans to increase the proportion of its capital expenditure in transition growth businesses to more than 40% by 2025. It is aiming to raise this to 50% by 2030.

The company identified five transition “growth engines”: bioenergy, convenience, electric vehicle (EV) charging, renewables and hydrogen. By 2030, BP aims to generate earnings of $9-10bn from these areas.

Bioenergy, according to BP, refers to biofuels including sustainable aviation fuel and biogas.

The oil major stated it expects to invest in five major biofuels projects, including the conversion of up to two refineries. The company stated it sees “opportunity for considerable growth in biogas in the US, Europe and UK.”

Getting greener

Pointing to examples of its efforts to play its part in the energy transition, BP said it is on track to double its 2019 earnings from convenience and mobility to $9-10bn in 2030. BP also highlighted it has quadrupled its renewables development pipeline since the end of 2019 – from 6GW to 24.5GW.

“With disciplined annual capital expenditure in low carbon energy planned to grow to $3-5bn by 2025 and $4-6bn by 2030, BP is aiming for ebitda of $2-3bn by 2030,” the company stated.

In terms of hydrogen, BP said it has built a “portfolio of options in advantaged markets with a potential capacity of 0.7-1.3 million tonnes a year.”

Despite a prediction oil and gas production with will drop 40% from 2019 levels by 2030, BP said it expected ebitda from hydrocarbons to continue at around $33bn a year to 2025. It is aiming to maintain ebitda in a $30-35bn range up to 2030.

Since the start of 2020, eleven new major hydrocarbon projects have begun, as part of a six-year programme of 35 major projects, BP stated.

UK plans

BP announced plans for investment in the UK specifically. They included:

  • producing clean energy from offshore wind in the Irish Sea and off the coast of Scotland, and from solar across the country developed by Lightsource BP;
  • manufacturing green and blue hydrogen, and other opportunities enabled by CCUS, in Teesside, Scotland and elsewhere;
  • growing new markets for hydrogen, including in centres such as Teesside and Aberdeen, and transport opportunities for hydrogen and biofuels;
  • continued growth of its market-leading EV charging network and convenience offers.

Bernard Looney, BP CEO, said: “We are accelerating the greening of BP. Our confidence is growing in the opportunities that the energy transition offers. This allows us to raise our low carbon ambitions, and we are now aiming to be net zero across operations, production and sales by 2050 or sooner – unique among our peers.

“In a world heading for net zero, we’re best positioned for success if we are also heading for net zero. We believe our ambition is both good business and supports society’s drive towards the Paris goals.”

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You May Also Like
Read More
  • Latest News

Tibetan cities locked down over first Covid outbreak in two years

  • Staff
  • August 9, 2022
Read More
  • Latest News

News Corp profits almost double as subscriptions drive post-pandemic recovery

  • Staff
  • August 9, 2022
Read More
  • Latest News

Investors divided over how long Big Tech rally will last

  • Staff
  • August 9, 2022
Read More
  • Latest News

Tech sector tax windfall shores up Ireland’s economy against recession

  • Staff
  • August 9, 2022
Read More
  • Latest News

Embattled Trump fans dig in at Michigan county fair

  • Staff
  • August 9, 2022
Read More
  • Latest News

Demography is not destiny | Financial Times

  • Staff
  • August 9, 2022
Read More
  • Latest News

Xi Jinping grasps ‘knife’ of internal security to complete grip on power

  • Staff
  • August 9, 2022
Read More
  • Latest News

Trump says FBI agents have raided his Mar-a-Lago residence

  • Staff
  • August 9, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Featured Posts
  • 1
    Tibetan cities locked down over first Covid outbreak in two years
    • August 9, 2022
  • 2
    London’s ‘magic circle’ law firms make renewed bid to crack US
    • August 9, 2022
  • 3
    Fed help isn’t coming | Financial Times
    • August 9, 2022
  • 4
    News Corp profits almost double as subscriptions drive post-pandemic recovery
    • August 9, 2022
  • 5
    FirstFT: Rishi Sunak promises to ease cost of living crisis
    • August 9, 2022
Recent Posts
  • Investors divided over how long Big Tech rally will last
    • August 9, 2022
  • First single-bond ETFs look set to revolutionise access to Treasuries
    • August 9, 2022
  • Tech sector tax windfall shores up Ireland’s economy against recession
    • August 9, 2022

Sign Up for Our Newsletters

Subscribe now to our newsletter

ESG Telegraph
  • Home
  • Privacy Policy
  • Guest Post
  • Contact

Input your search keywords and press Enter.