ASSESSMENT OF BP’S CLIMATE STRATEGY

The report finds that BP's 2025 strategy shift prioritizes oil and gas expansion and shareholder returns over low-carbon energy. BP has retired its scope 3 net zero production target and increased its 2030 oil and gas production target to 2.3-2.5 mmboe per day, which is 57% above the IEA Net Zero Emissions (NZE) scenario. Investment in low-carbon energy has been sharply reduced from a planned US$4 billion per year to US$0.8 billion per year for 2025-2027. Additionally, BP is expanding its LNG capacity and gas power plants, while abandoning previous targets for installed renewable power capacities by 2030.

• BP's 2024 financial allocations heavily favored fossil fuels and shareholders over low-carbon energy. For every dollar invested in low-carbon energy, BP invested US$8.9 in oil and gas and distributed US$7.8 to shareholders via dividends and buybacks.
• BP has significantly reduced its planned low-carbon investment from US$4 billion per year to 2030 down to US$0.8 billion per year for the 2025-2027 period, meaning low-carbon energies will only represent 6% of its investments by 2027.
• BP's 2030 oil and gas production target has been raised to 2.3-2.5 mmboe per day, which is 57% higher than the level required for alignment with the IEA Net Zero Emissions (NZE) scenario.
• BP has abandoned its scope 3 net zero production target, despite scope 3 emissions accounting for 91% of the company's total emissions in 2024.
• BP is expanding its LNG infrastructure, with total net liquefaction capacity expected to exceed the NZE scenario by 16.2% by 2030. This includes the Al Ruwais LNG project in the United Arab Emirates, operational in 2028.
• BP has abandoned its 2030 targets for installed renewable power capacities (10 GW) and developed capacities to Final Investment Decision (50 GW), retaining only a 2025 target of 20 GW developed to FID.
• BP is increasing its gas power capacity, with 1.6 GW of plants under development or proposed, including a project in Teesside, United Kingdom.

APA

Delaporte, L.-M., & Bogaert, A. (2025). ASSESSMENT OF BP’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/04/BP-Assessment-2025.pdf

Chicago

Delaporte, Louis-Maxence, and Achille Bogaert. ASSESSMENT OF BP’S CLIMATE STRATEGY. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/04/BP-Assessment-2025.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Bogaert |first2=Achille |title=ASSESSMENT OF BP’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/04/BP-Assessment-2025.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2025assessment, author = {Delaporte, Louis-Maxence and Bogaert, Achille}, title = {{ASSESSMENT OF BP’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/04/BP-Assessment-2025.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }