BP Announces New Net Zero Strategy
Aug 31 2020
In its latest attempt to evolve with the changing energy landscape, BP has announced a net zero strategy that will see the company shift its attention to sustainable, low-carbon energy by 2030. “We are setting out a new strategy that will see us pivot from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers,” reads a statement published on the BP website.
Exploring the three key areas of focus
The new strategy highlights three key areas of focus – Low Carbon Electricity and Energy, Convenience and Mobility, and Resilient and Focused Hydrocarbons. All will play a critical role in helping BP restructure its operations and embrace a new era of cleaner, more sustainable energy.
“Building on our purpose, together with our beliefs about the future of energy systems and changing customer demands, our strategy is built around three focus areas of activity and three sources of differentiation to amplify value,” reads the website.
- Low Carbon Electricity and Energy
This focus area will involve building scale in the renewables and bioenergy sectors. BP will actively seek out carbon capture and storage (CCUS) and hydrogen opportunities while building a gas portfolio.
- Convenience and Mobility
Customer-centred solutions will be at the heart of the new BPO strategy, with the company pledging to revolutionise global mobility, reimagine the retail experience and boost fuel sales worldwide.
- Resilient and Focused Hydrocarbons
Moving forward, BP plans to restructure itself as a leaner, high-grade company. This will result in “significantly lower and more competitive production and refining throughput.” The company has also pledged not to explore in countries where upstream activities don’t already exist.
BP pledges to become “very different energy company by 2030”
The strategy will be complemented by three key sources of differentiation designed to add value to the company and leverage new trends and technologies. These include developing integrated energy systems, building partnerships with countries, cities and industries around the world, and using next-generation digital technologies to engage with customers and enhance efficiency.
“By following this strategy, we expect bp to be a very different energy company by 2030,” says Bernard Looney, chief executive officer at BP.
To find out more about how energy companies are evolving and adapting to the new landscape, don’t miss ‘In posterum for Automotive Lubricants: Maximising Fuel Economy by Thinning Lubricating Oils’ with insight from Dr. Raj Shah for Koehler Instrument Company and Dr. Mathias Woydt for Matrilub.
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