Total GHG Emissions: In 2023, BP reported Scope 1 (direct) GHG emissions of 31.1 MtCO₂e and Scope 2 (indirect) emissions of 1.0 MtCO₂e. Scope 3 Emissions (emissions from the carbon in BP’s sold oil and gas products) increased to 314.9 MtCO₂ in 2023, reflecting an overall rise compared to 306.7 MtCO₂ in 2022​.

Net Zero Target: BP aims to reduce its Scope 1 and 2 emissions and achieve net zero emissions by 2050. In 2023, it made limited progress in sustainable GHG emissions reductions, with a reduction of 0.9 MtCO₂e.

Sustainable Reductions: BP has continued efforts to reduce emissions but reported fewer sustainable reductions compared to prior years (down from 1.5 MtCO₂e in 2022)​

Key Contributors: The main contributors to BP’s emissions are its refining and chemicals activities (15.1 MtCO₂e) and exploration, production, and LNG operations (15.2 MtCO₂e).

Methane Emissions: Methane emissions remained steady at 0.05 Mt in 2023, showing sustained efforts to curb methane leakage.

BP’s GHG emissions reporting adheres to international standards such as the GHG Protocol. Its emissions are assured by third-party auditors like Deloitte.

The company complies with regulatory frameworks and aims to meet Science-Based Targets for GHG reductions.

Peer Comparison: BP’s carbon intensity of sold energy products (77 gCO₂e/MJ in 2023) has remained consistent with industry averages, especially for refined and gas products​.

Sector Benchmarks: BP’s refining carbon intensity (92 gCO₂e/MJ) and gas products intensity (67 gCO₂e/MJ) are in line with industry norms.

Risks: BP’s continued reliance on fossil fuels poses regulatory and reputational risks as governments push for lower emissions targets. Its slight increase in GHG emissions in 2023 highlights the challenge of balancing energy production and emissions reductions.

Opportunities: BP is investing in transition growth areas like bioenergy, EV charging, and renewables. In 2023, it invested $3.8 billion in these areas.

Coming soon...

BP’s GHG emissions analysis shows steady progress in reducing emissions intensity but highlights the need for stronger efforts in sustainable reductions and renewable energy adoption. The company’s reliance on fossil fuels remains a key challenge as it transitions to net zero by 2050.

Improve Emissions Reductions: BP could accelerate its sustainable GHG reduction measures and set more aggressive targets.

Expand Renewable Energy Use: Increasing the percentage of renewable energy in its operations could significantly lower Scope 2 emissions.

Reference:

Data source for analysis:

BP. (2024). ESG Datasheet 2023. BP p.l.c. Retrieved 1 October, 2024, from here.

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