published March 2022
TCFD Energy Group Metrics

Introduction 
This Task Force on Climate-related Financial Disclosures (TCFD) 
document aims to provide a consolidated overview of bp’s 
reporting against the TCFD Energy Group Metricsa.
a	
From: Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures. Pages 52-55. Energy Group 
Metrics – illustrative examples. https://assets.bbhub.io/company/sites/60/2020/10/FINAL-TCFD-Annex-Amended-121517.pdf accessed 
18.03.22.
Metrics and disclosures included in this index cover our activities during the period 1 January 
to 31 December for the years indicated.
Performance data and disclosures included in this index are discussed further in the bp annual 
report 2021, bp sustainability report 2021, bp energy outlook 2021 and the Net zero ambition 
report. An associated basis of reporting document is available on bp.com/reportingcentre. 
This outlines the approach and scope used for data collection and verification of certain 
sustainability performance data, as published in the bp annual report 2021, bp sustainability  
report 2021, Net zero ambition report, ESG datasheet and online at bp.com/sustainability and 
bp.com/TCFD.
Looking ahead, we will consider the updated TCFD guidance on Metrics & Targets, published in 
October 2021.
Reports
Annual report and form 20-F 2021
Sustainability report 2021 – to be published
Net zero ambition report
Energy Outlook 2022
ESG datasheet 2021 – to be published
Basis of reporting 2021 – to be published
bp TCFD Energy Group Metrics
1

TCFD  
Financial 
category
TCFD  
Climate-related 
category
TCFD  
Unit of 
measure
TCFD  
Example metric
bp disclosure
2019
2020
2021
More information
Revenues
GHG emissions
MT of CO2e
Estimated Scope 3 
emissions, including 
methodologies and 
emission factors used
Emissions from the 
carbon in our upstream 
oil and gas production 
(aim 2)
360.9
327.6
303.6
Estimated CO2 emissions from the assumed combustion of upstream production of crude oil, 
natural gas and natural gas liquids (NGLs) based on bp’s net share of production, excluding 
bp’s share of production in Rosneft. On 27 February 2022, following the military action in 
Ukraine, the bp board announced that bp intends to exit its 19.75% shareholding in Rosneft Oil 
Company (Rosneft).
It is assumed that all produced volumes undergo full stoichiometric combustion to CO2. These 
emissions are broadly equivalent to the GHG Protocol, Scope 3, category 11, with the specific 
scope of upstream production volumes.
The baseline year for our aims 1, 2 and 3 is 2019. Following publication of the ESG Datasheet 
2020, we identified minor data reporting corrections and implemented methodological 
improvements for the 2019 production volumes used in the calculation of the reported 2019 
figure for aim 2. We are showing the resulting adjusted figure for 2019 (360.9 MteCO2e 
compared to the 360.6 MteCO2e disclosed in the ESG Datasheet 2020). As a result of 
mathematical rounding, this correction does not impact the 2019 aim 2 emissions published in 
the bp Annual Report and Form 20-F 2020 or the bp Sustainability Report 2020.
Read more:
Annual report and Form 20-F 2021 – page 52
Sustainability report 2021 – page 23
ESG datasheet 2021 – page 3
Revenues
Risk adaptation  
& mitigation
Local currency
Revenues/savings 
from investments in 
low carbon alternatives 
(e.g. R&D, equipment, 
products or services)
Not reported
–
–
–
Annual monetary savings as a result of sustainable emissions reductions (SERs)c implemented 
are disclosed in our submission to the CDP Climate Change Questionnaire 2021.
Read more:
bp CDP Climate Change Questionnaire 2021 – pages 52-55
Expenditure
GHG emissions
Local currency
Describe current carbon 
price or range of prices 
used
Our price assumptions are determined for use in our investment appraisal processes. They are also used to inform decisions about internal planning 
processes and the impairment testing of assets for financial reporting.
Carbon price $50/tCO2e in 2022.
Where applicable, we also continue to use carbon prices rising to $100/tCO2e in 2030 and $250/tCO2e by 2050 (2020 $ real) for operational GHG 
emissions in certain investment cases.
Read more:
Annual report and Form 20-F 2021 – page 32
Expenditure
Risk adaptation  
& mitigation
Local currency
Expenditures (OpEx) for 
low carbon alternatives 
(e.g. R&D, equipment, 
products, or services)
Not reported
–
–
–
As we continue towards our net zero ambition, we target increasing our low carbon investment 
to $3-4 billion per year in 2025, and aim to increase it to at least $5 billion per year in 2030.
Read more:
Annual report and Form 20-F 2021 – page 33
Sustainability report 2021 – page 26
Energy Group Metrics – Illustrative Examplesb
b	
c	
From: Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures. Pages 52-55. Energy Group Metrics – illustrative examples. https://assets.bbhub.io/company/sites/60/2020/10/FINAL-TCFD-Annex-Amended-121517.pdf accessed 18.03.22.
SERs result from actions or interventions that have led to ongoing reductions in Scope 1 (direct) and/or Scope 2 (indirect) greenhouse gas (GHG) emissions (carbon dioxide and methane) such that GHG emissions would have been higher in the reporting year if the intervention had not 
taken place. SERs must meet three criteria: a specific intervention that has reduced GHG emissions, the reduction must be quantifiable and the reduction is expected to be ongoing. Reductions are reportable for a 12-month period from the start of the intervention/action.
bp TCFD Energy Group Metrics
2

TCFD  
Financial 
category
TCFD  
Climate-related 
category
TCFD  
Unit of 
measure
TCFD  
Example metric
bp disclosure
2019
2020
2021
More information
Expenditure
Risk adaptation  
& mitigation
Percentage
Proportion of capital 
allocation to long-lived 
assets versus  
short-term assets
Not reported
–
–
–
We are focused on the disciplined allocation of capital to deliver on our strategic objectives.  
In 2021, capital expenditure was $12.8 billion. We expect capital expenditure to be in a range  
of $14-15 billion in 2022 and $14-16 billion per annum between 2023-25.
Read more:
Annual report and Form 20-F 2021 – pages 20-21
Expenditure
Water
Percentage
Percent water 
withdrawn in regions 
with high or extremely 
high baseline water 
stress
Total freshwater 
withdrawal in regions 
with high or extremely 
high baseline water 
stress (%)
4
4
<1%
We have set an aim (aim 17) to be water positive by 2035.
Read more:
Annual report and Form 20-F 2021 – page 68
Sustainability report 2021 – page 44
Expenditure
GHG emissions
Mt of CO2e
Amount of gross global 
Scope 1 emissions 
from: (1) combustion, 
(2) flared hydrocarbons, 
(3) process emissions,
(4) directly vented 
releases, and (5) fugitive 
emissions/leaks
Operational controld
Scope 1 (direct) 
greenhouse gas 
emissions (MtCO2e)e
49.2
41.7
33.2
Read more:
Annual report and Form 20-F 2021 – pages 26-27
Sustainability report 2021 – page 22
ESG datasheet 2021 – page 4
Scope 1 (direct) carbon 
dioxide emissions 
(MtCO2e)
46.8
39.8
32.0
Scope 1 (direct) 
methane emissions (Mt)
0.10
0.07
0.05
Flaring (kt)f
1,395
831
967
Equityg
Scope 1 (direct) 
greenhouse gas 
emissions (MtCO2e)e
46.0
41.3
36.5
Scope 1 (direct) carbon 
dioxide emissions 
(MtCO2e)
43.0
39.1
34.8
Scope 1 (direct) 
methane emissions (Mt)
0.12
0.09
0.07
Energy Group Metrics – Illustrative Examples
d	
Operational control data comprises 100% of emissions from activities operated by bp, going beyond the IPIECA guidelines by including emissions from certain other activities such as contracted drilling activities.
e	
We provide data on GHG emissions material to our businesses on a carbon dioxide-equivalent basis. This includes CO2 and methane for Scope 1 emissions.
f	
We report the total hydrocarbons flared from our upstream operations.
g	
bp equity share data comprises 100% of emissions from subsidiaries and the percentage of emissions equivalent to our share of joint arrangements and associates, other than bp’s share of Rosneft. On 27 February 2022,  
following the military action in Ukraine, the bp board announced that bp intends to exit its 19.75% shareholding in Rosneft Oil Company (Rosneft).
bp TCFD Energy Group Metrics
3

TCFD  
Financial 
category
TCFD  
Climate-related 
category
TCFD  
Unit of 
measure
TCFD  
Example metric
bp disclosure
2019
2020
2021
More information
Expenditure
Energy/fuel
Local currency
Indicative costs of 
supply for current 
and committed future 
projects (e.g. through a 
cost curve or indicative 
price range). This 
could be broken down 
by product, asset, or 
geography)
Not reported
–
–
–
Not reported.
Assets
Water
Number of 
assets, value, 
percentage of 
total assets
Assets committed in 
regions with high or 
extremely high baseline 
water stress
Not reported
–
–
–
Currently, we actively manage our freshwater demands in areas of stress and scarcity. Based 
on analysis using the World Resources Institute (WRI) Aqueduct Global Water Risk Atlas, 
four of our 17 major operating sites were located in regions with medium to extremely high 
water stress in 2021. Based on anticipated changes in the areas WRI marks as water stressed, 
this number is set to increase to 12 by 2040, assuming a business-as-usual scenario with no 
portfolio changes, with seven of the 12 being refineries, which account for a high proportion of 
our freshwater use.
Read more:
Annual report and Form 20-F 2021 – page 68
Sustainability report 2021 – page 44
Assets
Risk adaptation  
& mitigation
Local currency
Investment (CapEx) in 
low carbon alternatives 
(e.g., capital equipment 
or assets)
Invested in low carbon 
activities ($m)
>500
750
$2.2bnh We report the amount invested in low carbon activities in the sustainability report, annual 
report, ESG datasheet and net zero ambition report. We do not report revenues or savings 
from investments in low carbon.
As we continue towards our net zero ambition, we target increasing our low carbon investment 
to $3-4 billion per year in 2025, and aim to increase it to at least $5 billion per year in 2030.
In 2021, low carbon capital expenditure increased from around $750 million in 2020 to nearly 
$2.2 billion. This is due to our continuing acceleration in offshore wind and solar as well as 
advancing mobility with a bolder ambition in electrification.
Read more:
Annual report and Form 20-F 2021 – page 33
Sustainability report 2021 – page 26
Assets
GHG emissions
Amount of 
reserves MT of 
CO2e per unit of 
reserves
A breakdown of 
reserves by type and an 
indication of associated 
emissions factors 
to provide insight 
into potential future 
emissions
Not reported
–
–
–
We report movements in estimated net proved reserves. We do not report the potential future 
emissions associated with these reserves.
Read more:
Annual report and Form 20-F 2021 – pages 261-275
Energy Group Metrics – Illustrative Examples
h	
 In 2021, capital expenditure against our aim 5 activities has increased from $750 million in 2020 to nearly $2.2 billion, the majority of which related to investments in offshore wind, electric vehicle charging infrastructure and solar.
bp TCFD Energy Group Metrics
4

TCFD  
Financial 
category
TCFD  
Climate-related 
category
TCFD  
Unit of 
measure
TCFD  
Example metric
bp disclosure
2019
2020
2021
More information
Capital
Risk adaptation  
& mitigation
Years, 
percentage 
return on 
investment
Capital payback periods 
or return on capital 
deployed
Return on average 
capital employed (%)
8.9
(3.8)
13.3
We report return on average capital deployed.
The increase in 2021 performance reflects improved profit due to higher oil and gas prices, 
refining margins and stronger trading results.
Read more:
Annual report and Form 20-F 2021 – page 25
Energy Group Metrics – Illustrative Examples
bp TCFD Energy Group Metrics
5

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