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BP cuts Scope 1, 2 emissions by 38% against baseline

In its 2024 Sustainability Report, BP noted that it had achieved a 38% reduction in combined Scope 1 and 2 emissions compared with the 2019 baseline. This surpassed the company’s 2025 target of a 20% reduction.

However, compared against 2023, BP saw increased Scope 1 emissions, which the company attributed to growth in its portfolio, project startups and temporary operational issues at Tangguh, Indonesia.  The report noted that most other areas of operations saw reductions in methane emissions. Further, it stated that BP remains on track to reach zero routine flaring by 2030.

On safety, BP noted that its recordable injury frequency increased by 8.5% in 2024, with driving identified as one of the biggest personal safety risks. Five severe vehicle accidents occurred in 2024.

BPX Energy has implemented new AI technology across its operations in the Permian Basin. It assesses driving hazards and risks in real time and provides in-vehicle alerts to help drivers take preventative action. The use of this technology helped to reduce driver distraction events by 89% and tailgating events by 75% between December 2023 and December 2024. BP says it is considering implementing the technology in other businesses.

Process safety risks mostly revolved around BP’s refining and production activities, according to the report.

DNV forecasts Germany will electrify nearly half of its electricity demand by 2050  

Applying its Energy Transition Outlook model to Germany, DNV found that, while the country is on track to electrify nearly half of its electricity demand by mid-century, it will fall short of its national target to achieve a net zero energy economy by 2045.

The country is set to shift its energy mix by supply significantly. Imports, which currently make up 70% of Germany’s primary energy, will fall to 27% by 2050, making it much less dependent on imports. Imported coal and oil will decline by 99% and 79%, respectively. Moreover, by mid-century, natural gas and hydrogen will be equal, with one-third of the hydrogen produced domestically.

Emissions are forecast to drop by 89% by 2045 and 95% by 2050 compared with 1990 levels. Further, by 2050, 46% of Germany’s energy demand will be electrified – more than double today’s 19%.

The electrification will be driven by declining cost of new technologies such as batteries and heat pumps, as well as policy drivers such as carbon price. Electricity production is expected to double from today to reach 1,000 TWh by 2050, 90% of which will be renewable.

“That is a very big step towards decarbonization and is largely facilitated by a more than doubling of electricity use across the country in the next 25 years,” said Remi Eriksen, Group President and CEO. “Overall, we forecast that Germany will achieve a very much more sustainable energy system while not sacrificing the other two corners of the energy trilemma: affordability and energy security.”

Underpinning this transition will be €3.3 trillion in energy infrastructure investments over the next 25 years, primarily split between market-exposed assets centered on renewables, hydrogen and storage; regulated assets such as electricity transmission and gas/hydrogen networks; and end-user fixed assets like installing new heating equipment and rooftop solar PV. However, this will require long-term stable regulations, targeted subsidies, and efficient de-risking measures to drive investment.

Second phase of Northern Lights gets go-ahead

TotalEnergies, Equinor and Shell announced the final investment decision for the second phase of the Northern Lights development, which will increase the project transport and storage capacity from 1.5 million tons of CO₂ per year to more than 5 million tons per year from 2028.

The first phase of Northern Lights is completed and ready to receive CO₂ from industrial emitters. Operations are expected to start this summer, with the first CO₂ transportation by ship from Heidelberg Materials’ cement factory in Brevik, Norway, and its injection and permanent storage into a reservoir 2,600 m below the seabed, off the coast of Øygarden, western Norway.

The second phase represents an investment of approximately $700 million and leverages existing infrastructures. The expansion includes new onshore storage tanks, pumps, a jetty, injection wells and transport vessels, which are all expected to be completed for startup by the second half of 2028.