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Write a corporate social responsibility (CSR) strategy for the British gas and oil company BP (British Petroleum). Focus on their CSR focal point; the ultimate goal of the company’s plan and strategy is to become a net-zero company by 2050. Do you think it’s possible to reach those targets since BP has been accused of ‘greenwashing’ and is still drilling for new oil and gas? Find out what their ‘pitfalls’ might be (for example, have they received some bad press? Or are they not yet active in a CSR area that you deem important, if not, how could they do better?). The strategy should be centered around the chosen CSR-focal point and contains a legal analysis of the specific human rights context. It also provides original and creative arguments in favor of adopting the strategy, thereby not losing sight of the relevant stakeholders. The strategy should be well written in a professional manner and the APA standard should be applied. Some sources I found: https://www.business-humanrights.org/en/latest-news/us-deepwater-horizon-explosion-oil-spill-lawsuits/ https://www.accenture.com/us-en/insights/energy/decarbonizing-energy-overview https://agreenerlifeagreenerworld.net/2020/08/17/is-bp-finally-moving-beyond-petroleum/ https://www.greenpeace.org.uk/news/bps-net-zero-carbon-ambition-climate-change-oil/ https://www.energydigital.com/oil-and-gas/bp-strengthens-its-net-zero-strategy https://www.climatedocket.com/2019/12/04/bp-greenwashing-clientearth/ https://www.theguardian.com/environment/ng-interactive/2020/feb/12/bp-statement-on-reaching-net-zero-carbon-emissions-by-2050-what-it-says-and-what-it-means https://www.houstonchronicle.com/business/energy/article/Net-zero-emissions-by-2050-may-be-impossible-15605608.php https://www.greenpeace.org.uk/news/oil-industry-giants-like-bp-will-push-climate-past-1-5oc-global-heating/ https://www.fastcompany.com/90536607/bp-wants-to-become-the-worlds-largest-renewables-producer-but-still-pump-a-lot-of-oil Please, try to find more sources. You can also look on the website bp.com for more information about the company and their strategy.
BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 1BP sets ambition for net zero by 2050, fundamentallychanging organisation to deliver12 February 2020BP today set a new ambition to become a net zero company by2050 or sooner, and to help the world get to net zero. The ambitionis supported by ten aims:Five aims to get BP to net zero:
Net zero across BP’s operations on an absolute basis by 2050 or sooner.
Net zero on carbon in BP’s oil and gas production on an absolute basis by 2050 or sooner.
50% cut in the carbon intensity of products BP sells by 2050 or sooner.
Install methane measurement at all BP’s major oil and gas processing sites by 2023 and reducemethane intensity of operations by 50%.
Increase the proportion of investment into non-oil and gas businesses over time.Five aims to help the world get to net zero:
More active advocacy for policies that support net zero, including carbon pricing.
Further incentivise BP’s workforce to deliver aims and mobilise them to advocate for net zero.
Set new expectations for relationships with trade associations.
Aim to be recognised as a leader for transparency of reporting, including supporting therecommendations of the TCFD.
Launch a new team to help countries, cities and large companies decarbonise.To deliver the ambition, BP will fundamentally reorganise to become amore focused, more integrated company, comprising:• Four business groups to deliver performance and value growth:Production & Operations; Customers & Products; Gas & Low Carbon Energy; andInnovation & Engineering.BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 2• Three integrators to identify and maximise opportunities:Sustainability & Strategy; Regions, Cities & Solutions; and Trading & Shipping.• Four core enablers to support business delivery:Finance; Legal; People & Culture; and Communications & Advocacy.BP is committed to performing while transforming:No change to BP’s fundamental commitments:• to safe and reliable operations• to delivering BP’s investor proposition, including commitments on:o growing sustainable free cash flow and shareholder distributions over longterm;o maintaining strong financial frame and cost and capital discipline, anddeleveraging the balance sheet;o delivering 2021 free cash flow targets.BP will host a capital markets day in September to set out its strategyand near-term plans.New purpose and ambitionBP’s new CEO Bernard Looney today announces a new purpose and a new ambition for thecompany.BP’s new purpose is reimagining energy for people and our planet.The purpose is underpinned by an industry-leading ambition – for BP to become a net zerocompany by 2050 or sooner, and to help the world get to net zero – and this ambition issupported by ten aims.To deliver all this, BP will fundamentally transform its whole organisation, and maintain itscommitment to performing while transforming.Bernard Looney said:BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 3“The world’s carbon budget is finite and running out fast; we need a rapid transition to netzero. We all want energy that is reliable and affordable, but that is no longer enough. It mustalso be cleaner. To deliver that, trillions of dollars will need to be invested in replumbing andrewiring the world’s energy system. It will require nothing short of reimagining energy as weknow it.“This will certainly be a challenge, but also a tremendous opportunity. It is clear to me, and toour stakeholders, that for BP to play our part and serve our purpose, we have to change. Andwe want to change – this is the right thing for the world and for BP.”Helge Lund, BP’s chairman, commented:“Energy markets are changing, driven by climate change, technology and societalexpectations, and the Board supports Bernard and his new leadership team´s ambition for BP.Aiming for net zero is not only the right thing for BP, it is the right thing for our shareholdersand for society more broadly. As we embark on this ambitious agenda, we will maintain astrong focus on safe, reliable and efficient operations and on delivering the promises we havemade to our investors.”Reimagining energyBP’s new ambition to be a net zero company by 2050 or sooner covers the greenhouse gasemissions from its operations worldwide, currently around 55 million tonnes of CO2 equivalent(MteCO2e) a year, and the carbon in the oil and gas that it produces, equivalent currently toaround 360 MteCO2e emissions a year – both on an absolute basis. Taken together, delivery ofthese aims would equate to a reduction in emissions to net zero from what is currently around415 MteCO2e a year.“This is what we mean by making BP net zero. It directly addresses all the carbon we get out ofthe ground as well as all the greenhouse gases we emit from our operations. These will beabsolute reductions, which is what the world needs. If this were to happen to every barrel of oiland gas produced, the emissions problem for our sector would be solved. But of course, theworld is not that simple; the whole energy system has to be transformed and everyone has acontribution to make – producers and sellers of energy, policy makers and everyone who usesenergy.” – Bernard LooneyTherefore, BP also aims to help its customers reduce their emissions by halving the carbonintensity of the products it sells, again by 2050 or sooner – offering customers more and betterchoices of low- and no-carbon products.BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 4BP also aims to install methane measurement at all of its existing major oil and gas processingsites by 2023 and then reduce the methane intensity of its operations by 50%.And over time BP also aims to increase the proportion of investment it makes into non-oil andgas businesses:“We expect to invest more in low carbon businesses – and less in oil and gas – over time. Thegoal is to invest wisely, into businesses where we can add value, develop at scale, and delivercompetitive returns.” – Bernard Looney.The ambition also includes a series of aims targeted at supporting the world’s progresstowards net zero:• More actively advocating for policies that support net zero, including carbon pricing;stopping corporate reputation advertising and redirecting resources to promote netzero policies, ideas, actions, collaborations and its own net zero ambition.• Incentivising BP’s global workforce to deliver on the aims and mobilise them to becomeadvocates for net zero; increasing the percentage of remuneration linked to emissionsreductions.• Setting new expectations for BP’s relationships with trade associations, making thecase for BP’s views on climate change, being transparent where views differ, and beingprepared to leave those where alignment cannot be reached.• Being recognised as an industry leader for the transparency of reporting, workingconstructively with the TCFD and other groups to develop good practices and standardsfor transparency of reporting. BP today announced its support for therecommendations of the TCFD.• Launching a new team to create integrated clean energy and mobility solutions and tohelp countries, cities and corporations around the world decarbonise.Reinventing BPThe structure of BP’s organisation – and of much of the industry – has been broadly the samefor more than a century, split into separate organisations – upstream, downstream, and otherbusinesses. To deliver its new ambition and aims, BP will now undergo a fundamentalreorganisation.“We need to reinvent BP. Our historic structure has served us well but, in order to keep up withrapidly-evolving customer demands and society’s expectations, we need to become moreBP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 5integrated and more focused. So we are undertaking a major reorganisation, introducing a newstructure, a new leadership team and new ways of working for all of us.”- Bernard LooneyUnder the plans, BP’s existing, largely autonomous business segments – upstream anddownstream – will be dismantled and the group reorganised globally into a more focused andmore integrated entity, comprising 11 teams. The heads of these teams will make up BP’s newleadership team.Performance and value growth will be delivered by four business groups:• Production & Operations, led by Gordon Birrell, will be BP’s new operational centre,bringing its operations together, focused on driving safety, efficiency and value growth.• Customers & Products, headed by Emma Delaney, will focus on customers as thedriving force for the energy products and services of the future, and on customerexperience and expansion in rapidly changing markets.• Gas & Low Carbon Energy, led by Dev Sanyal, will unite energy teams currentlydispersed around BP to create focused low carbon solutions. It will also pursueopportunities in decarbonisation and new value chains such as hydrogen and CCUS.• Innovation & Engineering, headed by David Eyton, will bring added momentum to BP’sventuring and Launchpad investments and act as a catalyst for creating value fromdisruptive opportunities. It will also house BP’s engineering discipline and safety andoperational risk team.Three integrators will be established to find and maximise opportunities for BP:• Strategy & Sustainability, headed by Giulia Chierchia, who is joining BP fromMcKinsey, will ensure that sustainability is embedded at the top of BP and provide asingle group-wide approach to strategy and capital allocation.• Regions, Cities & Solutions, led by William Lin, will build relationships with regions,cities and large corporations, aiming to develop integrated energy and carbon solutionsthat can bring emissions down at scale.• Trading & Shipping, led by Carol Howle, will build on BP’s existing deep expertise in itsexisting business to more effectively help BP capture new commercial opportunitiesand add value.Four teams will serve as enablers of business delivery:• Finance, led by Murray Auchincloss.• Legal, headed by Eric Nitcher.• People & Culture, headed by Kerry Dryburgh.BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 6• Communications & Advocacy, led by Geoff Morrell.Over the next few months, the new BP leadership team will focus on building their teams andon developing BP’s strategy to deliver the ambition.“Together we will aim to build a more agile, innovative and efficient BP. A purpose-driven,digitally-enabled, fully-integrated organisation. I’m confident that this new leadership team,together with all our people, have the skill and will to turn BP into a thriving sustainable energybusiness that is a force for good in a net zero world.”- Bernard LooneyPerforming while transformingDespite the planned group-wide programme of change, BP’s fundamental commitmentsremain unchanged – to safety and to investors.“BP needs to continue to perform as we transform. As committed as I am to makingtransformation happen, I am equally committed to some fundamental principles that haveserved us well. Safe and reliable operations will always underpin all we do, and we remaincommitted to meeting the promises we have made to our shareholders. We can only reimagineenergy if we are financially strong, able to pay the dividend our owners depend on and togenerate the cash to invest in new low and no-carbon businesses.” – Bernard LooneyBP’s commitment to safe and reliable operations is unchanged with safety as a core value. Thenew structure is expected to underpin and strengthen safety performance.BP also remains committed to its investor proposition of growing sustainable free cash flowand distributions to shareholders over the long term. It continues to be committed to a strongfinancial frame including deleveraging the balance sheet and maintaining capital discipline, todelivering its free cash flow targets for 2021, and to staying focused on costs and pursuingefficiencies.BP intends to host a capital markets day in September at which the leadership team will set outmore information on BP’s strategy and near-term plans.Notes to editors• This announcement includes inside information as defined in Article 7 of the MarketAbuse Regulation No. 596/2014. The person responsible for arranging the release ofthis announcement on behalf of BP p.l.c. is Ben Mathews, Company Secretary.• BP expects its external financial reporting to continue on the current segment basisthroughout 2020.BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 7• For the purpose of this announcement, the terminology below has the followingmeanings:o net zero: zero GHG emissions, after deduction of sinks, removals or reductionsand as determined in accordance with BP’s methodologies.o on an absolute basis: measured in terms of reductions in total GHG emissions,rather than reductions in carbon intensity per unit of energy.o greenhouse gas (GHG) emissions from its operations: direct (Scope 1) andindirect (Scope 2) GHG emissions (CO2 and methane) emissions on a CO2-equivalent basis (MteCO2e) as reported by BP and on the basis of operationalcontrol as defined in BP’s 2018 Annual Report and Form 20-F – see page 48 ofBP Annual Report and Form 20-F 2018.o carbon in BP’s oil and gas production: estimated CO2 emissions assumingcombustion of BP’s upstream oil and gas production (Scope 3, category 11), onan equity share basis.o carbon intensity of products BP sells: lifecycle GHG emissions per unit ofenergy based on marketing sales (as described on page 32 of BP Annual Reportand Form 20-F 2018) of products, expressed as gCO2e/MJ. Lifecycle GHGemissions comprise the sum of:§ estimated GHG emissions from the production, processing andtransportation, whether by BP or other parties, of the product, and§ estimated GHG emissions from the assumed combustion of the product.o products: energy products (including fuels, gas, biofuels and power butexcluding products not designed for energy use, such as lubricants orpetrochemical feedstocks), and could in future, where provided for in BP’smethodology, include relevant non-energy products such as those associatedwith GHG sinks, removals or reductions e.g. land carbon projects.o methane intensity: includes the methane emissions from BP’s upstream oil andgas operations as a percentage of the gas that goes to market from thoseoperations (on the basis of operational control as defined on page 48 of BPAnnual Report and Form 20-F 2018).o equity share basis: comprises 100% share from subsidiaries and the percentageof BP’s share equivalent to its share of joint arrangements and associates, butexcluding BP’s share of Rosneft.• Further information relating to the above terminology (and related methodologies) isexpected to be contained in the forthcoming BP Annual Report and Form 20-F 2019 andthe BP Sustainability Report 2019. Such terminology and related methodologies mayevolve over time, as may be disclosed from time to time.BP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 8Further enquiriesBP press office, London: +44 (0)20 7496 4076, bppress@bp.comCautionary statementIn order to utilise the ‘safe harbor’ provisions of the United States Private Securities LitigationReform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, BP isproviding the following cautionary statement: The discussion in this announcement containscertain aims, ambitions, targets and other forward-looking statements – that is, statementsrelated to future, not past events and circumstances – with respect to BP’s new purpose,ambition and structure.These statements may generally, but not always, be identified by the use of words such as‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘ambitions’, ‘is likely to’,‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’, ‘is committed to’ or similar expressions. Inparticular, the following, among other statements, are all forward-looking statements: BP’snew ambition to be a net zero company by 2050 or sooner including its aims regardingemissions across operations, the carbon content of its oil and gas production; a 50% cut in thecarbon intensity of products BP sells, methane measurement at major oil and gas processingsites by 2023 and subsequent reduction of methane intensity of operations, and aims toincrease the proportion of investment into non-oil and gas businesses over time; aims to helpthe world get to net zero; plans for incentivising BP’s global workforce; plans for a widerangingrestructuring of the business; the aim to build a more agile, innovative and efficient BP;continuing commitment to safe and reliable operations; commitment to continuing to performas BP transforms; continuing commitment to the investor proposition including with respect togrowing free cash flow and distributions to shareholders over long term, deleveraging thebalance sheet, capital discipline, delivering 2021 free cash flow targets and focus on costs andpursuing efficiencies; and commitment to transparency and advocacy for a low carbon world.By their nature, forward-looking statements involve risk and uncertainty because they relate toevents and depend on circumstances that will or may occur in the future and are outside thecontrol of BP. Actual results may differ materially from those expressed in such statements,depending on a variety of factors, including: the specific factors identified in the discussionsaccompanying such forward-looking statements; societal shifts in consumer demand; delays tothe pace of change; development and use of new technology; timing of bringing new projectson stream; ability to exploit growth or investment opportunities; changes in publicexpectations and other changes to business conditions; adverse changes in tax regimes; thetiming, quantum and nature of certain acquisitions and divestments; future levels of industryproduct supply, demand and pricing; price and availability of alternative fuels; operational andBP sets ambition for net zero by 2050, fundamentally changing organisation to deliver| 9safety problems; delays in developing infrastructure for transportation and distribution;economic and financial market conditions generally or in various countries and regions;political and social stability and economic growth in relevant areas of the world; political andeconomic policies in jurisdictions where we operate; changes in laws and governmentalregulations; regulatory or legal actions and the actions of courts; delays in the processes forresolving claims; recruitment and retention of a skilled workforce; labour relations andindustrial actions by workers; the success of partnering; the actions of competitors, tradingpartners, contractors, subcontractors, creditors, rating agencies and others; our access tofuture financial resources; business disruption and crisis management; the impact on ourreputation of ethical misconduct and non-compliance with regulatory obligations; naturaldisasters and adverse weather conditions; wars and acts of terrorism; cyber-attacks orsabotage; and other factors discussed elsewhere in this announcement, and under “Riskfactors” in BP’s Annual Report and Form 20-F 2018 as filed with the US Securities andExchange Commission.
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