Ours is a long-term business, and the only way BP will prosper over the long term is if we operate safely and play a positive role in society.
Sustainability is at the heart of BP’s strategy. Ours is a long-term business, and the only way BP will prosper over the long term is if we operate safely and play a positive role in society. The ongoing global energy transition poses a significant challenge: The world has to meet increasing demand for energy while moving toward a lower carbon future. Every part of our company has a tremendous amount to bring to this.
Our strategy will allow us to build a safe, strong, successful business while remaining a good citizen and helping address climate change. It reflects a changing global fuel mix in which oil remains important but is used more efficiently; the cleanest traditional fuel, natural gas, is a vital energy source in a lower carbon economy; and renewables grow faster than any other form of energy.
We have four key priorities. First, we want to run a highly competitive upstream business with an expanding gas portfolio. Second, we want to run a market-led downstream business that helps improve fuel efficiency. Third, we want to run a growing renewables business alongside a dynamic venturing arm. Fourth, we want to modernize the company in ways that are good for business and good for the environment.
The environmental dimension of our strategy builds on two decades of action on climate change. In 2016, we made strong progress in our Lower 48 natural gas business — providing a cleaner alternative to higher emissions fuels at scale — while working to reduce our methane emissions. In addition, the industry-backed Oil and Gas Climate Initiative, which I chair, announced a $1 billion investment in low carbon technologies. BP also continued to have the largest operated renewables business among our peers, and we continued to support the world-renowned Carbon Mitigation Initiative at Princeton University.
We have done all this while ensuring that safety remains our top priority. BP is taking new actions to manage risk, such as working more closely with our contractors and using advanced technologies — including sensors and remotely operated vehicles — to detect potential problems and keep our people away from harm.
Our people remain BP’s greatest assets. Wherever we operate, they uphold our values of safety, respect, excellence, courage and teamwork. There is still much to do, but if we continue delivering meaningful benefits to our stakeholders while making our company economically and environmentally sound, BP can look forward to a bright future as a sustainable business in a sustainable world.