BP has committed to invest $100 million (£88.6m) for projects that can help reduce emissions in its upstream oil and gas operations.
The Upstream Carbon Fund will support new projects over the next three years that will generate additional emissions reductions as part of the oil and gas giant’s efforts to advance the low carbon energy transition.
It follows BP’s pledge to keep its net greenhouse gas emissions from its operations below 2015 levels over the next five years and add emissions reductions as a factor in the reward of 36,000 of its employees, including executive directors.
By the end of 2018, the company had reduced 2.5 million tonnes of emissions throughout its businesses since 2016 and its methane intensity 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.”