Greenhouse gas (GHG) emissions are one of the major causes of rising global warming and the Oil & Gas industry accounts directly & indirectly for one-third of the global emissions. CO2, Methane & NOx gases form a major part of greenhouse gases which are released by burning Oil, Fossil Fuels, etc. Due to rising GHG emissions from companies, it became important among major contributing sectors to report gas emissions during their operations.
BP Plc (BP) is an integrated oil and gas company. Its upstream operations include exploration, development, and production of oil and natural gas, field development, and production; and midstream operations include transportation, and marketing and trading of natural gas, including liquefied natural gas (LNG), and natural gas liquids (NGLs). BP provides fuel, energy, lubricants, and petrochemicals to customers. The company has an operational presence in Africa, Asia, Europe, Australasia, North America, and South America.
Total GHG emissions reported by BP in 2021 were 340 million tonnes CO2 equivalents (MtCO2eq), a decline of 9% from 2020. GHG emissions of the company have declined continuously in recent years. The oil & gas company aims to achieve net-zero across all its operations by 2050 or earlier.
GHG emissions are generally classified into Scope 1,2 & 3 emissions. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by a company. Scope 3 emissions form the major portion of total GHG emissions for BP. According to the company, Scope 3 emissions are related to the assumed combustion of upstream production of crude oil, natural gas, and natural gas liquids. Scope 3 emissions accounted for around 90% of the total GHG emissions while Scope 2 accounted for around 10% of the total GHG emissions by BP in 2021.
BP has started to invest in clean energy such as offshore wind, solar, and hydrogen. The company has invested around $2.2 billion in new energies in 2021 and set a target of $5 billion investment in renewable energy per year from 2030.
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