We believe the world wants and needs a better and more balanced energy system that delivers secure, affordable and lower-carbon energy. We’re playing our part by investing in today’s energy system, which is mainly oil and gas – and, not or – in our transition and the energy transition. And while we’re mostly in oil and gas today, we’ve increased global investment in our lower carbon, convenience stores and power trading businesses (what we call our ‘transition growth engines’) from around 3% in 2019 to around 30% in 2022.

We are aiming to be net zero across operations, production and sales. By 2050 or sooner, we aim to get to net zero:
• across our entire operations (Scope 1 and 2)
• for the carbon in our upstream oil and gas production (Scope 3)
• for the carbon intensity of the energy products we sell (average lifecycle carbon intensity).

Lighthouse initiative

bp has celebrated the 70th anniversary of its refinery in Lingen, Germany in 2023 August. Building on the existing infrastructure of the site and its important role in the company’s refinery network, bp intends to develop the site from a conventional refinery to an integrated energy hub by 2030.

In the future, the site will offer a variety of lower-emission energy solutions, with a focus on the production of biofuels and green hydrogen. By adjusting production, the Lingen site will be able to reduce its Scope 1 emissions by up to 60%. Lingen is intended to serve the expected increase in demand for alternative fuel options, but also to continue to supply conventional fuels, energy and industrial products to ensure security of supply and an orderly energy transition.

Depending on the future market development and possible scaling options, bp plans to invest a mid to high three-digit million amount.