BP sets out a strategy for decade of delivery towards net zero ambition

Following the announcement in February 2020 of its ambition to reach net zero by 2050 or sooner, bp has set out its strategy for the next decade.

Pivoting to low carbon energy and customer focus

• 10-fold increase in low carbon investment by 2030, with up to 8-fold increase by 2025
• partnering with 10-15 cities and 3 core industries in decarbonization efforts and doubling customer interactions to 20 million per day, all by 2030

Focusing resilient hydrocarbon business on value:

• capital intensity decreasing as major project wave completes, combined with continued efficiency focus, to drive earnings and ROACE growth
• production declines by 40% by 2030 through active portfolio management
• no exploration in new countries

Delivering on net zero ambition

• emissions from bp’s operations 30-35% lower by 2030
• emissions associated with carbon in upstream oil and gas production 35-40% lower by 2030
• carbon intensity of products bp sells lower by more than 15% by 2030

Delivering long term value for shareholders

• reset resilient dividend of 5.25c/share per quarter, with commitment to return at least 60% of surplus cash as share buybacks
• profitable growth with 7-9% annual growth in EBIDA per share to 2025
• sustainable value with increasing investment in low carbon and non-oil and gas