Oil and gas giant BP said it has set aside $100 million to fund projects that will reduce greenhouse gas (GHG) emissions in its Upstream oil and gas operations.
The new Upstream Carbon Fund will provide further support to BP’s work generating sustainable greenhouse gas emissions reductions in its operations, the company said in a statement.
In April 2018, BP set near-term and specific targets aimed at reducing its emissions and advancing the energy transition, including achieving 3.5 million tonnes 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 tonnes 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 tonnes 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.
Under the new initiative, funding totaling up to $100 million will be made available over the next three years to support new projects in the Upstream that will generate additional GHG emission reductions. Businesses and employees throughout BP’s Upstream operating businesses are being invited to come up with ideas and propose projects for this funding.
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 alternative energy business.