BP now aims to reduce scope three emissions by 20–30pc in 2030
BP softens emissions goals in push for ‘orderly’ transition
Oil and gas major revises down scope three targets as it plans slower reductions in oil and gas production to 2030
BP has scaled back its scope three emission reduction goals as it slows its retreat from oil and gas production to 2030, citing the need to provide secure and affordable energy in an “orderly” transition away from fossil fuels. The company aims to reduce scope three emissions by 20–30pc in 2030 against a 2019 baseline. The previous target, set in 2020, called for a 35–40pc reduction. Oil and gas production will be around 2.3mn bl/d oe in 2025 and around 2mn bl/d oe in 2030—25pc lower than 2019 production, excluding output from Russian producer Rosneft. This compares with a previously expected 40pc drop by 2030. “It is clearer than ever after the past three years that the world wants an
Also in this section
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
10 December 2024
Tightened standards have helped improve the outlook for the voluntary carbon market, which is set for a record year and poised for long-term growth
