BP PLC

We believe that our strategy enables bp to make

a positive contribution to the world achieving net

zero greenhouse gas (GHG) emissions and

meeting the Paris goals – outcomes which we

believe to be in the best interests of bp as well as

beneficial to society generally.

We see huge opportunity in the energy transition

– the transformation of the energy system that

we believe to be a necessary feature of the

world’s efforts to meet the Paris goals. There are

many ways a company at the heart of the energy

sector can make a meaningful contribution to the

world getting to net zero. In addition to investing

in our transition businesses«, these include:

supporting collective action through participation

in external initiatives and seeking to use the

company’s influence with trade associations that

conduct climate-related advocacy; low carbon

collaboration and support for others in their own

decarbonization efforts(such as cities and

corporates).

For example, we continue to advocate for

policies that support net zero. Helping

policymakers to design and put in place low

carbon policies that support the transition to net

zero can help deliver our strategy and capitalize

on the opportunities associated with achieving

the Paris goals, but the benefit of such actions, if

successful, extends well beyond any implications

for bp’s own GHG metrics. That is because well-

designed low carbon policies can also advance

the decarbonization of a whole economy –

something potentially of far greater impact than

anything a single company can achieve through

its own portfolio. We publish examples of our

activity online atbp.com/advocacyactivities.

Some ways of contributing to helping the world

get to net zero are more readily measured by

quantitative metrics than others – but all can be

important, whether or not they translate into GHG

reductions for bp. For example, Lightsource bp

operates with a develop, engineer, construct and

farm-down business model that creates value

through selling majority interests in assets it has

developed to strategic partners.

Where Lightsource bphelps bp meet its own

demand for cost competitive, low carbon power,

including for power trading, EV charging, biofuels

and green hydrogen« this would show up in GHG

metrics. However, where we do not directly sell

that power, our development of the renewables is

effectively ‘invisible’ in terms of our GHG metrics.

In December 2024, in Teesside, UK, bp and

partners reached financial close on the Net Zero

Teesside Power (NZT Power) and Northern

Endurance Partnership (NEP) projects. The NEP

aims to develop the infrastructure to transport

and store up to an initial 4MtCO 2 annually from

three Teesside-based carbon capture projects

within the East Coast Cluster, with the ability to

expand in the future.

Where the CO 2 being taken offshore for

permanent storage is from local heavy industries

this will not show up in bp’s GHG metrics.

So while Lightsource bp, NZT Power and NEP

projects support the Paris goals by increasing

the low carbon options available to energy

consumers, not all of their activities will be

reflected in the metrics associated with bp’s net

zero aims.