bp has announced plans to invest billions of pounds in the UK's energy transition after reporting its highest profit for eight years.
The energy major posted a profit of $12.8bn (£9.5bn) for 2021, and it made more than $4bn in the final quarter of the year when oil and gas prices surged.
And CEO Bernard Looney today strengthened the industry's argument against a windfall tax by announcing ambitious plans to invest heavily in the UK's energy systems.
For every pound of profit bp makes in the UK, two will be invested as it accelerates its journey to net zero, Mr Looney said.
He added: “Britain has been our home for more than 110 years and we are excited to help as it transitions to a thriving net zero economy.
"bp helped to create hydrocarbon value chains in the UK – in the North Sea, retail and convenience, and supply and trading – and now intends to help lead the creation of new electron and hydrogen value chains."
The investment plans include growing new markets for hydrogen from centres in Aberdeen and Teeside, as well as manufacturing green and blue hydrogen, and other opportunities enabled by Carbon capture, utilisation and storage, or CCUS, in Teesside, Scotland and elsewhere.
Net zero
The company is also looking to accelerate its 'greening' ambitions by announcing plans to become the first oil major to become net zero across operations, production and sales by 2050.
It is also stepping up its plans in the short-term, and now aims to reduce operational emissions by 50% by 2030, compared with an aim of 30-35% previously.
Mr Looney added: “We are accelerating the greening of bp. Our confidence is growing in the opportunities that the energy transition offers. This allows us to raise our low carbon ambitions, and we are now aiming to be net zero across operations, production and sales by 2050 or sooner – unique among our peers.
"In a world heading for net zero, we’re best positioned for success if we are also heading for net zero. We believe our ambition is both good business and supports society’s drive towards the Paris goals.”
Mr Looney also said the company was delivering for shareholders with $4.15billion of share buybacks and an increased dividend.