BP has established a $100m fund for projects to deliver reductions in greenhouse gas emissions in its upstream oil and gas services, called the Upstream Carbon Fund.
This fund is a further step in BP’s efforts to meet goals set by the company in April 2018, including targeting a methane intensity of 0.2% and achieving 3.5 million tonnes (Mt) of greenhouse gas emissions reductions across the BP Group from 2016 to 2025.
Since these targets were set, BP’s total direct greenhouse gas emissions have fallen by 1.7Mt of CO2 equivalent despite upstream production growing by 3%. The company also generated 2.5Mt of sustainable greenhouse gas emissions throughout its businesses since 2016.
The Upstream Carbon Fund is in addition to the $500m BP already invests annually in low-carbon activities, including alternative energy business and investments in venturing activities.
BP 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.”
Elsewhere, BP and the Environmental Defence Fund announced a three-year strategic commitment to reduce methane emissions from global oil and gas operations on 13 March.
But BP came under criticism in March, when an investigation by Greenpeace’s investigative journalism project Unearthed revealed that BP opposed and helped reverse key climate regulations on methane emissions in the US multiple times in recent years.