IS BP ON TRACK FOR 1.5°C?

The briefing concludes that BP is not on track for the 1.5°C goal, as its projected emissions will exceed its allocated carbon budget by 2033. Despite pledges to reach Net Zero by 2050, the analysis finds that BP's short-to-medium term carbon intensity remains too high and its capital expenditure continues to favor fossil fuels over renewables.

• BP is projected to exceed its 1.5°C compatible carbon budget by 2033. Even under conservative assumptions where BP reduces production according to the IEA's Net Zero-based 1.5°C scenario, the company will have emitted 50.9% more greenhouse gas than authorized by 2050.
• While BP's exit from Rosneft is expected to cause a 41.2% decrease in production by 2030 compared to 2019 levels, the company remains a major global oil and gas developer, ranking 3rd in Europe and 10th worldwide.
• BP's investment strategy remains heavily oriented toward fossil fuels. By 2025, more than 70% of its capital expenditure (CAPEX) is projected to go to oil and gas, despite plans to increase low-carbon CAPEX to $6 billion by 2030.
• BP's future energy mix is expected to remain dominated by fossil fuels; the maximum share of renewables in its 2030 energy mix is estimated to be between 13.9% and 21.4%.
• BP is increasingly utilizing unconventional oil and gas sources, with over 57% of its reserves currently under development coming from fracking and ultra-deep water drilling.
• BP currently lacks a specific offset target, and the briefing argues that relying on offsets would be insufficient to align the company with 1.5°C given its production plans.

APA

Her, H., & Delaporte, L.-M. (2022). IS BP ON TRACK FOR 1.5°C? Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/03/BP-company-briefing-March-2022.pdf

Chicago

Her, Henri, and Louis-Maxence Delaporte. IS BP ON TRACK FOR 1.5°C? Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/03/BP-company-briefing-March-2022.pdf.

Wikipedia

{{cite report |last1=Her |first1=Henri |last2=Delaporte |first2=Louis-Maxence |title=IS BP ON TRACK FOR 1.5°C? |publisher=Reclaim Finance |date=May 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/03/BP-company-briefing-March-2022.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{her2022track, author = {Her, Henri and Delaporte, Louis-Maxence}, title = {{IS BP ON TRACK FOR 1.5°C?}}, institution = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/03/BP-company-briefing-March-2022.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }