Oil and gas major BP has set aside $100 million to fund projects that will deliver new greenhouse gas (GHG) emissions reductions in its Upstream oil and gas operations.
The amount of $100 million will be made available over the next three years to support new projects in the Upstream that will cut greenhouse gas emissions. Businesses and employees throughout BP’s Upstream operating businesses are being invited to come up with ideas and propose projects for this funding.
“The new Upstream Carbon Fund will provide significant further support to BP’s work generating sustainable greenhouse gas emissions reductions in its operations,” BP said.
BP said that, after it had set emission targets in April last year, its total direct GHG emissions fell by 1.7 million tonnes CO2 equivalent, despite a 3% growth in Upstream oil and gas production on the same basis.
“By the end of 2018, BP had generated 2.5 million tonnes of sustainable GHG emissions reductions throughout its businesses since 2016. BP’s methane intensity for 2018 was 0.2%,” BP said.
Upstream chief executive Bernard Looney said: “A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly. This $100 million investment is designed to build on that momentum. It will fund ideas both big and small because everything counts in our transition to a lower carbon future and everyone at BP has a role to play.”
“A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly. This $100 million investment is designed to build on that momentum.”
BP said the Upstream Carbon Fund would be in addition to the $500 million that BP invests in low carbon activities each year, including investment in venturing activities and into its alternative energy business. BP is also a founding member of the Oil and Gas Climate Initiative, which brings together 13 of the world’s largest energy companies and has set up a $1 billion investment fund to address methane emissions and other issues.