Fund will support projects in BP’s Upstream business, building on strong progress already being made across Group



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On track to deliver ambitious emissions reductions and methane intensity targets
Greenhouse gas emissions lower again in 2018, despite higher oil and gas output
BP today announced that it has 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 provide significant further support to BP’s work generating sustainable greenhouse gas emissions reductions in its operations.

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 tonnes of sustainable GHG emissions reductions across the BP Group from 2016 to 2025 and targeting a methane intensity of 0.2%.  

In the year since, BP’s total direct GHG emissions fell by 1.7 million tonnes CO2 equivalent, despite a 3% 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% – in line with the target.

Upstream chief executive Bernard Looney said: “A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly. This $100 million investment is designed to build on that momentum. It will fund ideas both big and small because everything counts in our transition to a lower carbon future and everyone at BP has a role to play.”

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