BP announced that it has created a $100 million fund for projects that will deliver new greenhouse gas (GHG) emissions reductions in its upstream oil and gas operations. The Upstream Carbon Fund will provide further support to BP’s work generating sustainable greenhouse gas emissions reductions in its operations.
In April 2018, BP established specific targets to reduce its emissions and advance the energy transition. The targets aim to achieve 3.5 million tonnes of sustainable GHG emissions reductions across the BP Group from 2016 to 2025 and target a methane intensity of 0.2%.
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Since then, BP’s total directa GHG emissions reduced by 1.7 million tonnes CO2 equivalent, in spite if a 3% growth in upstream oil and gas production. By the end of 2018, BP had generated 2.5 million tonnes of sustainable GHG emissions reductions throughout its businesses since 2016, while its methane intensity for 2018 was 0.2%.
As part of the new initiative, total funds of up to $100 million will be available during the course of the next three years, in order to support new projects in the upstream that will generate more GHG emission reductions.
A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly. This $100 million investment is designed to build on that momentum
Bernard Looney, Upstream chief executive, stated.
The Upstream Carbon Fund will be added to the $500 million that BP invests in low carbon activities every year, including investment in venturing activities and into its alternative energy business.
BP’s goals for reductions in operational emissions are part of its ‘reduce-improve-create’ (RIC) approach to the energy transition. This initiative aspires to improve its products to enable customers to reduce their emissions and create new low carbon businesses. The projects that receive funding will help drive more emissions reductions to achieve the RIC targets.
