bp’s strategy is to transform into an integrated energy company. We are providing today’s energy as well as tomorrow’s.  To deliver that, action is needed to accelerate the transition – but at the same time, it’s got to be an orderly transition, so affordable energy keeps flowing where it’s needed.

We are growing our investment in our transition and the energy transition – including in lower carbon solutions that deliver today.

Since 2019 we went from 3% to 30% spending our capital in our transition growth engines. That number will be 40% in 2025, and 50% in 2030. In 2019, our renewables pipeline was 4 gigawatts. Now it is 37 GW. When we started, we had 7000 charge points for electric vehicles. Now we have 22,000 and we’re going to double that by 2025. Lightsource bp developed 0.6 GW of solar in 2019. In 2022 it developed 2.6 GW. In offshore wind, we have 5 GW today. 

Our ambition is to become a net zero company by 2050 (or sooner) and to help the world to reach that goal. Turning our ambition into action we focus on five growth engines:

• Hydrogen
• Renewables
• EV charging
• Convenience
• Bioenergy

Next to our ambition our purpose is reimagining energy for people and our planet. We want to help the world reach net zero and improve people’s lives. We will aim to dramatically reduce carbon in our operations and in our production, and grow new low carbon businesses, products, and services. We know we don’t have all the answers and will listen and work with others. We want to be an energy company with purpose. We believe we have the experience and expertise, the relationships and the reach, the skill and the will, to do this.