BP – working towards a greener and more sustainable future.

While today we’re mostly in oil and gas, we increased the proportion of our global annual investment that went into our lower carbon and other transition businesses from around 3% in 2019 to around 23% in 2023.

At BP we have five transition growth businesses, that we call growth ‘engines’; bioenergy, EV charging, convenience, hydrogen and renewables & power. We plan to continue to invest in these transition growth engines as well as in oil and gas.

The level – and proportion – of the overall investment going into our lower carbon and other transition businesses may vary year on year as we pursue our target and aim to increase the proportion of investment we make into our non-oil and gas businesses.

In 2023 transition growth investment was $3.8 billion, representing around 23% of our total capital expenditure for the year, which compares to around 3% in 2019 and around 30% in 2022. Of that amount, our low-carbon activity investment was over $2.5 billion in 2023. This is lower than the $4 billion we invested in 2022, reflecting the impact of large low-carbon acquisitions made that year. (Most of our 2023 low-carbon activity investment was in biogas, offshore wind, solar and EV charging.)

Our annual net zero ambition progress updates provide more details of our progress. Read the latest report here.

Click below to find out how our “and, not or” approach is in progress across the UK.