bp has shared further detail on the sustainability frame underpinning its new strategy and introduces 10 new aims focused on improving people’s lives and caring for our planet. Read more in the 2020 sustainability report.
Building for the future
Creating value for stakeholders more widely- including society, employees and shareholders – is key to the long-term resilience and value of bp’s business. In 2020, bp set out 10 aims in support of its ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero.
While action on climate is essential, bp also wants to help tackle other pressing sustainability challenges such as biodiversity loss and water scarcity. So, bp is now introducing 10 more aims to link its actions to a broader set of societal issues – five for people and five for the planet.
“One thing that the pandemic has taught us is the vital role business can have in helping to solve some of the world’s most urgent problems. Profits or purpose need not be a choice – and instead can work together in service of all stakeholders.”
Bernard Looney, chief executive officer
Sustainability at the heart of bp
bp set out a new strategy in 2020, to transform from an International Oil Company to an Integrated Energy Company focused on delivering solutions for customers.
bp’s sustainability frame underpins this strategy, to translate the company’s purpose – to reimagine energy for people and our planet – into action. The frame does this by connecting the business opportunity of the energy transition with societal needs and the environment.
Sustainability frame focus areas:
- Getting to net zero
- Caring for our planet
- Improving people’s lives
Each focus area is linked to concrete aims.
“Our new frame and aims will guide our work, focus our activities and propel us forward.” – Giulia Chierchia, EVP, strategy & sustainability
bp has made strong progress reimagining energy and reinventing the company in a year marked by the effects of the COVID-19 pandemic:
- Reduced operational greenhouse gas emissions by 16%.
- Improved safety performance, with fewer tier 1 and tier 2 process safety events and a reduction in recordable injury frequency, compared to 2019.
- Moved into the offshore wind market through a new strategic partnership with Equinor.
- Continued to grow in solar through Lightsource bp.
- Announced our strategic partnership with Microsoft to further digital transformation in energy systems.
- Published an updated business and human rights policy.
- Announced a new position on biodiversity – which includes the aim for new projects in scope to achieve a net positive impact on biodiversity.
- Launched a new aim to become water positive by 2035 – by replenishing more freshwater than we consume in our operations.