ASSESSMENT OF BP’S CLIMATE STRATEGY

The report finds that BP's investment strategy prioritizes oil and gas expansion and shareholder returns over climate solutions, with 2023 investments in oil and gas being 11.6 times higher than those in low-carbon energy. BP has revised its 2030 oil and gas production targets upward and reduced its scope 3 decarbonization targets, leading to a projected 2030 production level 26% above NZE alignment. While BP aims for 10 GW of renewable capacity by 2030, it will still produce 23 times more energy from fossil fuels than from renewables. The report also highlights BP's continued development of gas power and reliance on bioenergy and hydrogen, which may not be sustainable.

• BP's 2023 financial allocations heavily favored fossil fuels and shareholders over low-carbon energy. For every dollar invested in its low-carbon energy business, BP invested US$11.6 in oil and gas and distributed US$10.5 to shareholders via dividends and share buybacks.
• BP has weakened its 2030 climate targets by increasing its oil and gas production goal from 1,500 kboe per day to 2,000 kboe per day and reducing its scope 3 decarbonization target from a -35%/-40% range to a -20%/-30% range.
• BP's projected 2030 production levels are inconsistent with the IEA Net Zero Emissions (NZE) scenario. Based on currently producing fields and committed short-term expansion, production will be 12% higher than NZE requirements; however, to meet its own 2,000 kboe target, BP will need further developments, placing its 2030 production 26% above NZE alignment.
• BP's energy mix will remain dominated by fossil fuels through 2030. Despite a target of 10 GW of installed renewable power capacities, the company is projected to produce 23 times more energy from oil and gas than from renewables by 2030.
• BP's diversification strategy includes unsustainable energy sources. The company is increasing its gas power capacity by 15% through 0.3 GW of plants under development and relies on bioenergy, which it expects to produce 1.7 times more of than renewable energy by 2030.
• BP's LNG strategy is not aligned with the IEA NZE scenario. The company is expanding its liquefaction capacities, including the "Greater Tortue Ahmeyim" project on the border of Mauritania and Senegal, and targets a total liquefaction capacity and long-term contracts of 30 Mtpa by 2030.

APA

Delaporte, L.-M., Her, H., & Gebel, B. (2024). ASSESSMENT OF BP’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-bp.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, and Bastien Gebel. ASSESSMENT OF BP’S CLIMATE STRATEGY. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-bp.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Gebel |first3=Bastien |title=ASSESSMENT OF BP’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-bp.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2024assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Gebel, Bastien}, title = {{ASSESSMENT OF BP’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-bp.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }