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BP Aims High for a Low-Carbon Energy Future

NC Chamber member BP America, Inc. announced recently that it aims to achieve a 30-35% reduction in carbon emissions by 2030. The pledge comes as part of a larger commitment by BP to scale up investments in low-carbon energy over the next decade and put the company firmly on the path to a net-zero carbon footprint by 2050 or sooner.

A key part of BP’s strategy to pivot from an International Oil Company to an Integrated Energy Company involves interim target dates, set for 2025 and 2030, by which key decarbonization goals should be met. Besides the total carbon emissions mentioned above, other targets include:

  • Achieving an 8-fold increase in low-carbon investments by 2025 and a 10-fold increase by 2030, to reach a yearly investment goal of around $5 billion by the end of the decade.
  • Scaling down daily oil and natural gas operations by one million barrels (a 40% reduction) by 2030 and committing to no exploration in new countries.
  • Developing 50GW of renewable generating capacity by 2030 (a 20-fold increase).
  • Partnering on decarbonization initiatives with 10-15 cities and three core industries by 2030.
  • Reducing carbon emissions in upstream oil and gas production by 20% by 2025 and 35-40% by 2030.

When discussing its bold plans to reimagine our planet’s energy future, BP consistently emphasizes that discipline, collaboration, and continued dialogue are the principles fueling the company’s evolution. At the NC Chamber, we believe these same principles must power our overall approach to energy in North Carolina. As we continue to advance an “all-of-the above” energy strategy for our state, it’s exciting to see Chamber members like BP making firm commitments toward this same goal.