bp plc is a British multinational energy company headquartered in London, England. Through its scale, reach and range of activities, bp delivers heat, light and mobility products and services to customers around the world, and plans to do so increasingly in ways that will help drive the transition to a lower carbon future. It has operations in Europe, North and South America, Australasia, Asia and Africa.
We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use
People
Planet
Principles of Governance
Prosperity
Support sustainable livelihoods development for communities where we operate (priority bp sites and businesses). Disclose progress against targets and impact measures by 2025. Demonstrate continuous improvement in impact measures and achievement of 2030 aim.
Develop 50GW of renewable generating capacity by 2030 – broadly enough to meet the power needs of 36 million people – including exploring ways to make clean energy accessible to those who need it most. Develop and outline our approach to accessible energy by the end of 2022.
Install methane measurement at our major oil and gas processing sites by 2023, publish the data, and then drive a 50% reduction in methane intensity in our operations. Work to influence our joint ventures to set their own methane intensity targets of 0.2%.
We aim to be net zero across our entire operations on an absolute basis by 2050 or sooner, with a target of 20% reduction by 2025 and aim for 30-35% reduction by 2030.
Transparency 1. Publish a comprehensive Diversity and Inclusion (D&I) Report, internally and externally, which will support a data-driven approach to progress and increase visibility and accountability (April 2021, coinciding with 2020 corporate reporting). 2. Reset our US Minority Ambition to continue to drive toward a US workforce that reflects the changing demographics of America, with quarterly reporting on progress, including sub-group detail (March 2021, following US 2020 Census report delivery). Accountability 3. Embed expectations and metrics on D&I delivery into entity operating plans and annual performance review process for all employees, including a direct link to compensation (January 2021). 4. Prohibit the Confederate flag and other symbols of hate from all bp sites (effective immediately). 5. Launch a mandatory anti-racism and inclusion program for all US employees that complements our existing unconscious bias training (January 2021). 6. Reshape the bp America D&I Council, ensuring each of the 11 entities has a representative accountable for supporting and delivering our US D&I plan and commitments (December 1, 2020). 7. Double our spend with US-based diverse suppliers by 2023, embedding supplier diversity objectives into global procurement processes to establish clear accountabilities and metrics. Talent 8. Double representation of African Americans in group leadership by 2023. 9. Launch a focused talent development program for African American and other underrepresented minorities with a goal of identifying and advancing high-potential and high-performing participants with career stewardship from the senior leadership team (January 2021). 10. Increase the diversity of our talent pools and candidate slates to support increased hiring and progression of African Americans and other underrepresented groups through focused talent attraction efforts, strengthening internship programs and by fostering additional partnerships with historically Black colleges and universities (October 2020). 11. Increase educational and community funding to specific external organizations working to strengthen the STEM education pipeline for African Americans and other underrepresented minorities (January 2021).
Partner with 10-15 cities by 2030 and corporates in 3 industrial sectors.
Develop initiatives and just transition plans for the areas most impacted by the energy transition that enable the workforce to grow into, transition, and thrive in renewable or low carbon jobs. Advance social mobility, specifically targeting disadvantaged groups in our education & employability work. Work with early-stage talent to build their interest in, and develop the skills needed for the future energy system. Publish 2025 and 2030 metrics and targets/aims for the initiatives and programmes in 2023.
Support civic dialogue, transparency, and building local capacity. We plan to publish 2025 and 2030 targets/aims for this objective in 2023.
By 2030, evaluate 100% of high risk suppliers and 50% of medium risk suppliers in line with our labour rights and modern slavery principles and remedy priority findings raised with suppliers.
Achieve systematic management of human rights impacts, monitoring and remedy, in consultation with affected peoples, supported by processes to monitor, remedy, and disclose progress by 2025. Assess quality of community relationships by priority bp sites and businesses and develop plans for those that do not meet the threshold by 2025. Meet our responsibility to respect human rights by implementing the UN Guiding Principles on Business and Human Rights and incorporating these principles into the internal processes, policies or guidance that support our business activities.
Support our workforce through fair wage and remuneration, developing and reporting 2025 and 2030 targets for fair wage and remuneration to be published in 2022.
Disclose progress against our 2025 DE&I ambition to be published in 2022. Implement action plans to address priority disparities identified and complete integration of DE&I into talent strategy to deliver inclusive workplace experiences by 2025. In 2020, bp set out global, US and UK frameworks to guide how we will improve DE&I at bp. They guide how we govern DE&I and focus on transparency of data and policies, our employees, including our leadership – being accountable for their behaviour and support of our DE&I activities – and the development and attraction of diverse talent.
Assess inclusivity of our customer experience, identify priority disparities and implement action plans by 2025 to achieve our 2030 aims. Report on progress metrics from 2025.
Achieve a net positive impact on biodiversity in our new projects, with new applicable bp projects having NPI plans in place from 2022, with 90% of NPI actions delivered within 5 years of project approval.
Double supplier diversity spend by 2023 and achieve $1 billion annual spend by 2025 (US). Report progress on global supplier diversity spend metrics by 2030. Incentivize ecosystem partners to adopt DE&I best practices by 2025, and aim for priority ecosystem partners to have implemented DE&I best practices by 2030.
Get to net zero on an absolute basis across the carbon in our oil and gas production by 2050 or sooner, with a target of 20% reduction by 2025 and aim for 35-40% reduction by 2030.
Enhance biodiversity around our existing major operating sites, with 100% of major operating sites implementing enhancement plans by 2030.
Support biodiversity restoration and the sustainable use of natural resources in countries where we have current or growing investments, through 5 projects by 2025 and 10 projects by 2030.
Cut the carbon intensity of the products we sell by 50% by 2050 or sooner, with a target of 5% reduction by 2025 and aim for at least 15% reduction by 2030.
Increase the proportion of investment we make into our non-oil and gas businesses, to $3-4 billion per year in 2025.
Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.
