British Petroleum (BP) has released its Sustainability Review 2008 that provides an update on the company's responsible operations, environmental performance and its role in society.
BP's total 2008 greenhouse gas (GHG) emissions of 61.4Mte CO2-e (on a direct-equity basis) were 2.1Mte lower than the 63.5Mte CO2-e reported in 2007, which is approximately 3.4 percent lower than the previous year. The company expanded the use of "smart" well automation to reduce venting, and improved well completion procedures to reduce flaring at its Wamsutter natural gas operations in the U.S., which resulted in lower carbon emissions of 48,000te.
BP ranks as the most favorable carbon emissions rating among major oil producers, according to a study from PFC Energy.
Since 2005, BP has invested more than $2.9 billion in low-carbon businesses, in line with its original commitment to invest $8 billion by 2015. In 2008, BP invested in the U.S.-based Energy Biosciences Institute, a $500-million/10-year commitment, and a joint $73-million investment in the Clean Energy Commercialization Centre with the Chinese Academy of Sciences to commercialize Chinese clean-energy technologies. The company also renewed its funding for the Carbon Mitigation Initiative at Princeton University in the U.S, and is a founding sponsor of UK's Energy Technology Institute.
BP also launched a new gasoline in the U.S. market in 2008, featuring its Invigorate formula, designed to enhance vehicle performance by cleaning and protecting the engine. BP fleet studies show this to result in lower emissions of carbon monoxide, CO2, nitrogen oxides and unburned hydrocarbons. In Germany, the company is marketing a low-sulphur heating oil, which reduces average CO2 emissions by up to 4 percent when used in conventional boilers and enables higher reductions through use of condensing boilers.
As for renewables in 2008, BP increased its gross operational wind capacity to 785 megawatts (MW) (net 432 MW), primarily in the U.S., for a total gross capacity of more than 1,000 MW in the U.S. BP's wind portfolio includes almost 100 potential projects with a total generating capacity of 20,000 MW.
BP Solar's main production facilities are in the U.S., Spain, China and India. In 2008, the company announced plans to focus operations at larger plants, closing its plant in Australia and implementing operational efficiency improvements elsewhere. The company's solar panel sales in 2008 were 162 MW, an increase of 41 percent on the 2007 total of 115 MW.
