BP Plc has set up a $100 million fund for projects that will reduce emissions of greenhouse gases from its oil and gas exploration and production operations over the next three years.
The new Upstream Carbon Fund is in addition to the $500 million that BP has already pledged to invest each year in low-carbon energy technology. The London-based company said it’s already achieved more than 70 percent of the 3.5 million-ton sustainable reduction in greenhouse gas emissions its targeting from 2016 to 2025.
“A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly,” Upstream Chief Executive Officer Bernard Looney said in a statement on Tuesday. The $100 million will fund “ideas both big and small because everything counts in our transition to a lower carbon future.”
The British company has set targets to reduce its own emissions — including methane — improve its products and create low-carbon businesses, Looney said in an interview on Bloomberg television. BP’s direct emissions of greenhouse gases totaled 48.8 million tons of carbon dioxide equivalent last year, a reduction of 1.7 million tons from 2017, according to the statement. Its methane intensity for 2018 was in line with its target of 0.2 percent.
“On the emissions, we’ve done a lot already,” Looney said in the interview. “We’ve got to drive emissions down, we got to drive energy up because that’s what the world wants and we got to make sure we do it in a way that creates value for our shareholders.”