BP commits $100m to emissions reductions projects

BP today announced that it has established a $100m fund for projects that will deliver new greenhouse gas (GHG) emissions reductions in its upstream oil and gas operations.

The new Upstream Carbon Fund will support to BP’s work creating sustainable greenhouse gas emissions reductions in its operations. Last year BP set targets aimed at reducing its emissions, including achieving 3.5m tonnes of sustainable GHG emissions reductions from 2016 to 2025.

The Upstream Carbon Fund will be in addition to the $500m that BP has said it will commit to low carbon activities each year, including investment in venturing activities and into its significant alternative energy business and are part of its ‘reduce-improve-create’ (RIC) approach to energy transition.

BP is a founding member of the Oil and Gas Climate Initiative, with 13 of the world’s largest energy companies, and has set up a $1bn investment fund to address methane emissions and other issues.

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