BP demonstrates strategic reinvention in its 2024 Sustainability Report, detailing an ambitious transformation from an oil & gas major toward an energy company defined by decarbonization, circularity, and social value creation. BP’s reporting rigor and comparative impact set benchmarks for legacy industries challenged by climate transitions.
Strategic Reset, Governance, and Targets
BP’s Board Sustainability Committee aligns ESG strategy with all group risk and capital allocation decisions. In 2024, BP completed a strategic reset, optimizing its portfolio and recalibrating sustainability aims for operational efficiency and growth. As of 2024, BP’s Scope 1 and 2 (operational) emissions stood at 33.6 MtCO₂e, down 38% from 54.5 MtCO₂e in 2019. BP’s long-term goal is net zero by 2050, with a reduction of 50% targeted for 2030.
Greenhouse gas intensity for sold energy products was 79 gCO₂e/MJ in 2024, improving on the 84 gCO₂e/MJ baseline from 2019. BP’s upstream and LNG production carbon intensity remained at 17.6 tCO₂e per thousand boe of production, slightly outperforming Shell (18.2), ExxonMobil (19.1), and TotalEnergies (17.9).
Methane and Air Quality Stewardship
BP is a sector leader in methane management. In 2024, BP adopted real-time methane measurement across all production assets. Methane intensity dropped to 0.07% (from 0.09% in 2023), a best-in-class result versus industry median (0.12%), aided by digital monitoring, rapid leak response, and investments in fiber optic surveillance.
BP’s air emissions (NOx, SOx, particulates) fell by 23% compared to 2021 data. Flaring rates declined 18% in two years—BP’s global routine flaring elimination target is 2025, ahead of UN Sustainable Development Goal schedules.
Energy Transition, Renewables, and Innovation
BP deepened investments in renewables, green hydrogen, and carbon capture and storage (CCUS) in 2024. It reached final investment decision with partners for the $7B Tangguh UCC project—BP’s first large-scale CCUS deployment. Operational data: BP produced 10.2 TWh of renewable electricity in 2024, a 32% increase versus 2022, and sold its first terawatt-hour of EV charging via bp pulse, placing it among the top 5 global providers.
BP aims for 50 GW renewable installed capacity by 2030, compared to 44 GW (Shell), 23 GW (TotalEnergies), and 15 GW (Chevron), with a run rate of 1.6 GW new solar/wind per quarter. The Northern Endurance Partnership in Teesside, UK, achieved financial close in 2024, paving the way for gigaton-scale CCS deployment.
Water, Waste, and Circularity
Produced water managed by BP rose to 42 million tonnes in 2024, owing to new wells online. BP recycled 62% of produced water, with zero oil discharged in muds/cuttings and a hydrocarbon-in-water concentration of only 20 mg/l—well below regulatory limits. Hazardous waste intensity per thousand boe dropped to 0.32 tonnes in refining and chemicals, a sector-leading mark.
Oil and gas drilling chemicals declined 51% since 2021, and total production chemicals dropped by 69%. BP diverted 75% of non-hazardous waste company-wide in 2024, with an ambition of zero-waste sites by 2030.
Safety, Social, and Community Metrics
BP’s recordable injury frequency fell to 0.21 per million hours worked, besting peers (ExxonMobil at 0.27, Shell at 0.23). Fatalities were zero for the third straight year, and process safety events (Tier 1+2) declined for the second consecutive year to 38 across all sites.
On social investment, BP deployed £271 million globally, focusing on vocational training, community infrastructure, and supplier diversity. The solid metrics on pay equity (adjusted wage gap <2%), gender balance (32% of senior managers female), and supplier sustainability audits (1,027 conducted in 2024) boost credibility and stakeholder trust.
Data Quality, Assurance, and Transparency
BP’s sustainability data undergoes extensive internal and external assurance. Key 2024 ESG metrics are verified by Deloitte under ISAE 3000 (revised), with full methodologies and restatement protocols outlined in the Basis of Reporting. Reports align with GRI, SASB, TCFD, and ISSB standards, and all material KPIs feature digital dashboards and deep dives.
Comparative sector analysis:
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Scope 1/2 emission reduction (2019-2024): BP 38%; Shell 33%; ExxonMobil 27%.
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Methane intensity: BP 0.07%; Shell 0.08%; Chevron 0.16%.
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Renewables share in portfolio: BP 8%; Shell 7.5%; TotalEnergies 6%.
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Social investment per $B revenue: BP $1.24M; Shell $0.98M; TotalEnergies $1.41M.
Recognition and Awards
BP’s progress earned EcoVadis Gold and Sustainalytics top-quartile ratings in oil & gas. CDP placed BP in its “A- List,” and internal audits won Institute of Internal Auditors global sustainable assurance accolades in 2024.
