Reportedly, the Upstream Carbon Fund will be in addition to the $500 million that BP invests in low carbon activities each year, including investment in venturing activities and into its significant alternative energy business.
The company said that in April 2018, BP set clear, near-term and specific targets aimed at reducing its emissions and advancing the energy transition, including achieving 3.5 million tons of sustainable GHG emissions reductions across the BP Group from 2016 to 2025 and targeting a methane intensity of 0.2 percent.
“In the year since, BP’s total direct GHG emissions fell by 1.7 million tons CO2 equivalent, despite a 3 percent growth in Upstream oil and gas production on the same basis. By the end of 2018, BP had generated 2.5 million tons of sustainable GHG emissions reductions throughout its businesses since 2016. BP’s methane intensity for 2018 was 0.2 percent – in line with the target,” said the message.
BP’s targets for reductions in operational emissions are part of its ‘reduce-improve-create’, or RIC, approach to the energy transition, which also aims to improve its products to allow customers to reduce their emissions and to create and grow new low carbon businesses, the company said.
The projects that are awarded funding will help to deliver the further emissions reductions necessary to achieve the RIC targets, according to the message.
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