BP pledges $100m to greenhouse gas emissions reduction project

BP announced on Tuesday it will commit $100m to a fund for projects aimed at reducing greenhouse gas emissions from its Upstream oil and gas operations.

The fund, which will be named Upstream Carbon Fund, will make the $100m available over the next three years and will provide significant support to the company’s work and attempt to make it more sustainable.

This maintains the company on track to deliver the ambitious emissions reductions and methane intensity targets which it set in April 2018, claiming it would try to achieve 3.5m tonnes of sustainable GHG emissions reductions across the group from 2016 to 2024 with a methane intensity of 0.2%.

Since then, GHG emissions from BP had fallen by 1.7m tonnes CO2 equivalent, despite a 3% growth in Upstream oil and gas production.

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 $100m 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.”

The Upstream Carbon Fund will be in addition to the $500m that BP invests in low carbon activities each year, including investment in venturing activities and into its significant alternative energy business.