BP plc is one of the largest players within the energy, oil, and gas industry worldwide. The company was formerly known as British Petroleum and has its roots in the Anglo-Persian Oil Company, which was founded in 1909. As of 2018, BP was the sixth-largest oil and gas company worldwide based on market value. In 2019, BP reported around 278.4 billion U.S. dollars of revenue, which also placed it in the top ten within the whole industry. BP employs around 70,100 people all around the world.
Bernard Looney

Bernard Looney

Chief Executive Officer, BP

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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

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Summary

We aim to reduce operational emissions to net zero by 2050 or sooner, with a target of 20% reduction by 2025 and aim for 30-35% reduction by 2030.

Objectives

To reduce operational emissions to net zero by 2050 or sooner.

Metrics & Targets

We aim to reduce operational emissions to net zero by 2050 or sooner, with a target of 20% reduction by 2025 and aim for 30-35% reduction by 2030.

SDG Focus Area(s):

Summary

We aim to 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.

Objectives

We aim to get to net zero on an absolute basis across the carbon in our oil and gas production by 2050 or sooner.

Metrics & Targets

We aim to 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.

SDG Focus Area(s):

Summary

We aim to 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 a 35 - 40% reduction by 2030.

Objectives

Metrics & Targets

Get to net zero on an absolute basis across the carbon in our oil and gas production by 2050 or sooner.

Target a 20% reduction by 2025 and aim for a 35 – 40% reduction by 2030.

SDG Focus Area(s):

Summary

We aim to halve the carbon intensity of the products we market by 2050 or sooner, with a target of 5% reduction by 2025 and aim for at least 15% reduction by 2030.

Objectives

Halve the carbon intensity of the products we market by 2050 or sooner.

Metrics & Targets

Aim to halve the carbon intensity of the products we market by 2050 or sooner, with a target of 5% reduction by 2025 and aim for at least 15% reduction by 2030.

SDG Focus Area(s):

Summary

We aim to 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.

Objectives

To reduce the methane intensity of our operations and the gas that goes to market from those operations.

Metrics & Targets

Aim to 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.

Keep methane intensity below 0.20% by 2025 using our new measurement approach.

SDG Focus Area(s):

Summary

We aim to increase the proportion of investment we make into our non-oil and gas businesses, by up to eight-fold by 2025 and 10-fold by 2030 to around $5 billion per year.

Objectives

Increase the proportion of investment bp makes into non-oil and gas businesses.

Metrics & Targets

Aim to increase the proportion of investment we make into our non-oil and gas businesses, by up to eight-fold by 2025 and 10-fold by 2030 to around $5 billion per year.

SDG Focus Area(s):

Summary

bp commits to no oil and gas exploration and production in the most sensitive protected areas, and aims to achieve net positive impact on biodiversity in our new projects and to enhance biodiversity around our existing major operating sites.

Objectives

Take action to help restore, maintain and enhance nature.

Metrics & Targets

We commit not to operate any new oil and gas exploration or production activities inside the boundary of officially inscribed UNESCO World Heritage sites.

We also commit not to operate any new oil and gas exploration or production activities inside the boundary of Strict Nature Reserves (International Union for Conservation of Nature (IUCN) category Ia) or Wilderness Areas (IUCN category Ib) as listed on 1 January 2020

We will aim to achieve a net positive impact on biodiversity in our new projects.

We will aim to enhance biodiversity around our existing major operating sites.

SDG Focus Area(s):

Summary

bp will more actively advocate for policies that support net zero, including carbon pricing.

Objectives

Support adoption of more policies that support net zero, including carbon pricing.

Metrics & Targets

Policies put in place that support net zero, including carbon pricing.

SDG Focus Area(s):

Summary

We aim to incentivise our global workforce to deliver on our aims and mobilise them to become advocates for net zero, by linking compensation with low carbon metrics for around 37,000 employees and senior leadership.

Objectives

Incentivise our global workforce to deliver on our aims and mobilise them to become advocates for net zero.

Metrics & Targets

We have raised the component of the annual cash bonus linked to our Sustainable Emissions Reductions (SERs) targets to 10% for around 37,000 employees.

For our 274 most senior leaders – at least 30% of their 2020 to 2022 equity award will now be linked to low carbon measures, up from 5% in the 2018 to 2020 plan.

bp’s leadership team will see 25% of their target performance-related pay now linked to emissions reduction and delivery of the low-carbon strategy.

SDG Focus Area(s):

Summary

Our new Regions, Cities and Solutions team will help countries, cities and corporations around the world decarbonize, aiming to partner with 10-15 cities and 3 industrial sectors: high-tech and consumer products, heavy transport and heavy industry.

Objectives

Help countries, cities and corporations around the world decarbonize.

Metrics & Targets

Aim to partner on decarbonization with 10-15 cities and 3 industrial sectors: high-tech and consumer products, heavy transport and heavy industry.

SDG Focus Area(s):

Summary

We will support the market for Natural Climate Solutions to grow, aiming to have access to carbon credits from around 100 NCS projects in our portfolio.

Objectives

Support the market for Natural Climate Solutions to grow and help the world deliver net zero.

Metrics & Targets

Aim to have access to carbon credits from around 100 NCS projects in our portfolio.

SDG Focus Area(s):

Summary

In 2020 bp updated its human rights policy to address emerging human rights issues relevant to our industry; clarify our human rights commitments; and communicate how bp’s approach to managing human rights impacts has advanced.

Objectives

To help us as we strive to go about our business in a responsible way, respecting the human rights of our workers and everyone we come into contact with.

Metrics & Targets

We will 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.

We respect internationally recognized human rights as set out in the International Bill of Human Rights and the core labour standards recognized by the International Labour Organization (ILO), as set out in the ILO Declaration on Fundamental Principles and Rights at Work.

We endorse the Voluntary Principles on Security and Human Rights (Voluntary Principles) and are committed to implementing them, as the global standard for the provision of responsible security in our industry.

SDG Focus Area(s):

Summary

In the UK, bp has launched a framework for action on racial injustice implementing commitments across transparency, accountability and talent through 2020 and 2021.

Objectives

To ‎reinvent our UK team to be a model of equality, ‎transparency and justice. ‎‎

Metrics & Targets

Transparency

  • As part of a global comprehensive diversity and inclusion (D&I) report, report progress internally and externally against the new UK ethnic minority ambition, supporting a data-driven approach to progress and increasing visibility and accountability (April 2021).
  • Externally report on our UK ethnicity pay gap on an annual basis from early 2022 at the latest, using 2021 data. The intent is to publish regardless of any UK government requirement to do so.
  • To enable these commitments, we will continue our focus on ensuring we have access to robust ethnicity data for our people, which is gathered via voluntary self-identification in Workday (October 2020).

Accountability

  • Establish a UK ethnic minority ambition, outlining aspirational goals for ethnic minority representation across our UK business by 2025 as follows. These goals are consistent with our global commitment to fairness and bp’s Code of Conduct (August 2020). The goals are as follows:
    • From 10.2% to 15% representation at senior leadership and above
    • From 17.5% to 25% across levels up to and including first level leaders
    • A minimum 20% uplift in Black representation across all levels.
  • Appoint a UK-specific race and ethnicity champion to ensure we take concerted action to achieve our ethnicity ambitions and to deliver on our UK action plan (by 31 October 2020).
  • Embed expectations and goals for D&I delivery into entity operating plans and annual performance review process for all employees, including a link to compensation (January 2021).
  • Launch a mandatory D&I programme across the UK team with a specific focus on anti-racism and inclusion, coupled with a comprehensive education and engagement plan (launched by January 2021).
  • Establish supplier diversity and inclusive supply chain objectives into procurement processes to establish clear accountabilities, and encourage the establishment of a UK ethnic minority ambition for our suppliers (from January 2021).

Talent

  • Provide focused development and progression interventions to support career progress for UK Black employees and other underrepresented ethnic minorities (from January 2021).
  • Increase the ethnic diversity of our talent pools and candidate slates by extending Rules of the Road to ethnicity in the UK (from March 2021).
  • Increase our focus on growing Black and other underrepresented ethnic minority talent via internships and partnerships with racially diverse UK institutions (from January 2021).
  • Increase funding of UK organizations working to strengthen the STEM education pipeline – focusing specifically on Black talent and other underrepresented minorities (from January 2021).

SDG Focus Area(s):

Summary

In the US, bp has launched a framework for action on racial injustice implementing an initial set of commitments across transparency, accountability and talent through 2020 and 2021.

Objectives

To foster an environment where all employees can reach their full potential and improve the advancement of African Americans and other underrepresented minorities.

Metrics & Targets

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).

SDG Focus Area(s):

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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.