BP hopes to attain zero net growth in operational emissions and to reduce greenhouse gas emissions by 3.5 million tons by 2025.
The London-based energy company, which runs the BP Whiting Refinery on the Lake Michigan shoreline, also seeks to target a methane intensity of 0.2 percent going forward.
Such goals are spelled out in BP’s recently released Advancing the Energy Transition report.
“What is unique to this report is that BP has set specific targets for limiting our emissions between now and 2025,” BP spokesman Michale Abendhoff said. “We believe we can continue to grow our business and keep net emissions from operations flat.”
BP, which employs more than 1,800 union workers and hundreds of more contractors at any given time at the former Standard Oil refinery, announced it aimed to provide lower-emissions gasoline, develop lower-carbon fuels and expand its lower-carbon business, which it’s investing $500 million into every year.
“To deliver significantly lower emissions, every type of energy needs to be cleaner and better. A race to renewables will not be enough. That’s why we are making bold changes across our entire business,” CEO Bob Dudley said, ‘Here’s how we are doing it: by reducing, improving, creating. We’re reducing emissions in our own operations; we’re improving our products to help customers lower their emissions; and we’re creating low carbon businesses.”
BP, which recently installed flare gas recovery systems on most of its flare stacks that had burned over Lake Michigan for decades, hopes to reduce flaring at its refineries to zero by 2030. The newly installed flare gas recovery systems trap and recycle the gases that would otherwise be flared atop the stacks in towers of flame over the Whiting skyline.
The company also wants to reduce methane emissions and improve energy efficiency, which would account for 40 percent of emissions reductions BP strives toward.
BP has been investing in 20 different carbon-neutral products, natural gas, biofuels, wind, solar, a more lightweight concrete and startups working toward lower-carbon energy, according to the report.
“But as the world demands more energy, it also demands that it be produced and delivered in new ways, with fewer emissions,” Dudley said. “At BP, we embrace this dual challenge. We have always looked to the future, adapted to change and met challenges like this head on.”