BP commits $100M to reduce greenhouse gas emissions

- Fund will support projects in group's upstream oil and gas operations

BP announced Tuesday that it established a $100 million fund for projects that will deliver new greenhouse gas (GHG) emissions reductions in its upstream oil and gas operations.

The new Upstream Carbon Fund will be made available over the next three years , and 'provide significant further support to BP’s work generating sustainable greenhouse gas emissions reductions in its operations,' the energy giant said.

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.

According to the press release, in the year since, BP's total direct GHG emissions fell by 1.7 million tonnes carbon dioxide 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.

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 projects that are awarded funding will help deliver the further emissions reductions necessary to achieve the RIC targets.

According to BP's statement, the Upstream Carbon Fund will be in addition to the $500 million that the group invests in low carbon activities each year, including investment in venturing activities and into its alternative energy business.

BP is also a founding member of the Oil and Gas Climate Initiative, which brings together 13 of the world's largest energy companies and has set up a $1 billion investment fund to address methane emissions and other issues.

By Hale Turkes

Anadolu Agency

energy@aa.com.tr