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BP p.l.c.
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=='''<u>ESG Factors</u>'''== === Environmental<ref name=":1">https://www.bp.com/en/global/corporate/investors/results-reporting-and-presentations/annual-report.html</ref> === This aspect focuses on BP's impact on the environment, including its carbon emissions, energy efficiency, and efforts to transition to cleaner energy sources. BP has announced ambitious plans to become a net-zero emissions company by 2050 or sooner. This involves reducing its carbon footprint across its operations, investing in renewable energy sources like wind and solar, and developing technologies for carbon capture and storage. BP is resolutely committed to achieving net-zero carbon emissions by 2050, or even earlier, encompassing Scope 1, 2, and 3 emissions, supported by ambitious targets for 2025 and further aspirations for 2030. Guided by five primary objectives aimed at facilitating global net-zero aspirations, BP has undertaken a stance of refraining from exploration in new nations. The company's capital expenditure dedicated to transition efforts is projected to exceed 40% of total spending by 2025, progressively increasing to approximately 50% by 2030. === Social<ref name=":1" /> === BP's social initiatives involve its interactions with local communities, employees, and other stakeholders. This can include measures to ensure workplace safety, diversity and inclusion in the workforce, and contributing positively to the communities where they operate. Social responsibility also extends to issues like human rights, labor practices, and community development. In 2022, BP achieved a reduction in combined tier 1 and tier 2 process safety incidents compared to the previous year. The company is dedicated to attaining a net positive impact on biodiversity within its new projects. Annual bonuses for the year were tied to safety (15%) and emissions reduction (15%) metrics, reinforcing these key priorities. Notably, BP's leadership team consists of six women out of eleven members, with a significant rise in female representation within the extended leadership team (41%). The company is actively spearheading efforts to drive the advancement and expansion of natural climate solutions, while also asserting its commitment to a just transition, encompassing the development of skills pertinent to the future energy landscape. Transparent practices are upheld through various disclosures, including TCFD, SASB, tax transparency, and updates on trade associations. BP places a strong emphasis on mental health and well-being within its workforce agenda. The company's overarching objectives include five initiatives to enhance people's lives and an additional five goals aimed at fostering a caring ethos. === Governance<ref name=":1" /> === BP's framework for investment governance aims to ensure that the company's investments are in alignment with its strategic objectives, feasible within its existing financial framework, and capable of generating value for shareholders. The framework establishes a systematic approach to evaluating investments based on a variety of criteria that are pertinent to the company's strategy, including considerations related to environmental sustainability and other relevant factors. Under this framework, investments undergo a structured stage-gate process that is integrated throughout the company's operations. This process empowers BP's various business units to select and cultivate the most promising investment propositions. The criteria for evaluating investments are comprehensive and balanced. This approach enables BP to effectively compare and prioritize investments across an expanding array of business models that the company engages with. Integral to the governance framework is the requirement that proposed investments undergo evaluation based on pertinent assumptions. This evaluation encompasses factors such as projected operational emissions and the impact of carbon prices, when applicable. Additionally, the framework mandates that independent functions within the organization conduct thorough assessments to provide assurance before making a final investment decision (FID). This ensures a robust and well-informed decision-making process for BP's investments, bolstering the company's commitment to both financial success and sustainable practices. __INDEX__
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