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BP commits $100 million to fund emissions reductions projects

26/03/2019
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With oil and other natural resources companies coming under ever greater scrutiny for their carbon emissions, BP has announced that it will be committing $100 million to fund new emissions reductions projects across its upstream oil and gas operations.
BP's $100m Upstream Carbon Fund will invest in projects across the company's upstream business that will reduce greenhouse gas emissions.
(BP’s $100m Upstream Carbon Fund will invest in projects across the company’s upstream business that will reduce greenhouse gas emissions. Image via BP).

Named the Upstream Carbon Fund, the investment will aim to reduce BP’s greenhouse gas emissions (GHG) by 3.5 million tonnes between 2016 and 2025 whilst targeting a methane intensity of 0.2%.

Money from the Upstream Carbon Fund will be made available to support new projects across BP’s upstream business, with employees being invited to come up with ideas and propose projects for funding.

The Upstream Carbon Fund will be in addition to the $500 million that BP invests in low carbon activities each year, including investment in venturing activities and into its significant alternative energy business. BP is also a founding member of the Oil and Gas Climate Initiative, which brings together 13 of the world’s largest energy companies and has set up a $1 billion investment fund to address methane emissions and other issues.

“A year ago, we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly,” said BP’s Upstream chief executive Bernard Looney. “This $100 million investment is designed to build on that momentum. It will fund ideas both big and small because everything counts in our transition to a lower carbon future and everyone at BP has a role to play”.

BP’s targets for reductions in operational emissions are part of its ‘reduce-improve-create’, or RIC, approach to the energy transition, which also aims to improve its products to allow customers to reduce their emissions and to create and grow new low carbon businesses.

The announcement of the new fund is a further step in BP’s work to meet its targets and advance the energy transition. In January, BP announced that progress towards the sustainable emissions reductions target has now been incorporated as a factor in the remuneration of 36,000 employees across the business.

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Tags: Oil & Gas
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BP commits $100 million to fund emissions reductions projects - Time to read 2 min
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