From International Oil Company to Integrated Energy Company.
To understand our sustainability, approach its essential to understand our strategy which will change BP from International Oil Company to Integrated Energy Company. In new strategy we focus on low carbon electricity and energy,building scale in renewables and bio-energy, seeking early positions in hydrogen and CCUS (carbon capture, utilisation and storage), and building out a customer gas portfolio to complement these low carbon energies. As never before, we are putting customers at the heart of what BP does, helping accelerate the global revolution in mobility, redefining the experience of convenience retail, and scaling BP’s presence and fuel sales in growth markets. And maintaining an absolute focus on safety and operational reliability, we intend to drive capital and cost productivity up and emissions down, complete the ongoing wave of major projects, decreasing capital intensity, and to continue to high-grade the portfolio, resulting in significantly lower and more competitive production and refining throughput. The three sources of differentiation to amplify value are: integrated energy systems, partnering with countries, cities, and industries as they shape their own paths to net zero and enable new ways to engage with customers, create efficiencies, and support new businesses
Our new sustainability frame puts sustainability at the heart of what we do.
In today’s world there is a need for organisations like ours to think about sustainability holistically, encompassing climate and environmental concerns, as well as a broader set of issues that impact society.
We plan get to net zero. Improve people’s lives. Care for our planet. We plan to actively drive the sustainability frame through our operating model, our governance and our culture and the search for partnerships that can help us drive progress, provide skills we may not have, and help us shape the future together.
Get to net zero
Become a net zero company by 2050 or sooner will mean for us tackling around 415 million tonnes of emissions – 55 million from our operations and 360 million tonnes from the carbon content of our upstream oil and gas production. Importantly these are absolute reductions, to net zero, which is what the world needs most of all. We are also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner. And increase proportion of investment into non-oil & gas. What helps us to meet net zero goal is stopping corporate reputation advertising and redirect resources to active advocacy for progressive climate policies, incentivising employees to deliver on our aims and advocate for net zero by increasing climate element in annual bonus for leadership and 37,000 employees or creating a team dedicated to helping countries, cities and corporations around the world decarbonise
Improve people's lives
We work with communities to identify opportunities for them to benefit from our activities. All over the world we invest in local initiatives, focusing on economic development, education, the environment and engagement with culture or arts (we have committed $84m to supporting sustainable development in local communities). For now, our priorities are to provide more clean energy for more people – access to energy is essential for economic growth, reducing poverty and improving communities’ health and wellbeing. This is core to our new strategy. We plan to rapidly increase our low carbon energy portfolio; including aiming to have developed 50 gigawatts of renewables by 2030.We believe that everyone deserves to be treated with fairness, respect and dignity, yet that is not a reality for many people around the world so the aim is to respect human rights, promote equality and sustainable livelihoods. And last but not least: promoting wellbeing, with a focus on mental and physical health. Care for physical and mental wellbeing has always been a priority for BP, but the Covid-19 crisis has posed new and serious challenges.
Care for our planet – making a positive difference to the environment in which we operate.
We mean by that promoting cleaner environments, enhancing biodiversity and promoting natural climate solutions. Our newly strengthened position on biodiversity is taking action to help restore, maintain and enhance nature. We have supported over 50 million tonnes of forestry offsets in the US, originated projects in more than 10 countries and we're building integrated partnerships.
We are looking at ways to adopt circularity principles across BP – reducing waste and keeping materials in use for longer. For example, in Europe, we aim by 2025 for BP-owned food brands – including our Wild Bean coffee cups – to use packaging that is either reusable, recyclable or bio-degradable.
We will also work with our contractors and suppliers on carbon emissions and use of renewable energy or natural resource management, including water consumption and sustainable sourcing of materials.
The future is going to be digital and focused on mobility. In Poland the newest example of putting sustainability idea into action is the campaign Too Good To Go – educating the public on food waste and the effect it has on the environment. BP will take an active part in these activities in Poland.
Our approach in the post-pandemic reality is not much different, but as Bernard Looney, BP’s CEO says: “Maybe this moment of pause gives the world an opportunity to reflect on why we do what we do. It also gives a window into what a different world would look like. Today is so, so challenging. But let’s remember there is a tomorrow. And each leader of their respective organisation has noted that people are so important in this.”
During pandemic from the very beginning BP Group has decided to give financial, logistic and volunteering help. At BP, assistance was and is provided on three levels: global, local and individual in the form of the company’s employees’ personal commitment . BP in Poland offers help on three levels too: action and activities directly related to the pandemic, joint actions with our social partners which had to adapt their operations to the pandemic, and educational campaigns to support society and employees at the time of the pandemic. We believe that this difficult experience of the last months will help us to care for each other better in the future.