BP PLC is taking steps to decarbonize the transport sector by utilizing sustainable aviation fuel (SAF). A Boeing 787 recently completed a transatlantic flight powered entirely by SAF, marking a significant milestone in the industry. BP believes that biofuels like SAF can play a crucial role in reducing carbon emissions in the aviation industry. The company is exploring the use of cover crops as a feedstock for advanced biofuels and is advocating for their recognition under EU rules. BP sees cover crops as a win-win solution for farms, farmers, and the energy transition.
While BP is investing in future fuels, it continues to rely on oil and gas to meet the world's energy demands. The company has successfully implemented the Seagull project, which involved accessing new resources under the sea and revitalizing an existing oil and gas facility. The project required clever engineering to integrate the new field with the existing platform. BP's commitment to both traditional and lower carbon energy sources highlights its efforts to meet current energy needs while developing sustainable alternatives for the future.
BP's wider transformation is underway, with increased investment in lower carbon businesses, convenience stores, and power trading. The company has significantly increased its global investment in these areas, from around 3% in 2019 to approximately 30% in the previous year. This shift reflects BP's commitment to diversifying its portfolio and reducing its reliance on oil and gas.
As discussions at COP28 conclude, BP emphasizes the importance of taking action to address climate change. The company is working to supply the world's energy needs today while also developing lower carbon energy solutions for the future. BP's hope is for a COP of action, where tangible steps are taken to combat climate change.
Overall, BP is actively reimagining energy by investing in sustainable aviation fuel, exploring advanced biofuels, revitalizing existing oil and gas facilities, and increasing its focus on lower carbon businesses. The company's transformation reflects its commitment to meeting current energy demands while transitioning to a more sustainable energy future.