BP (BP)

Kyoto Protocol

        In December 1997, at the Third Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Kyoto, Japan, the participants agreed on a system of differentiated internationally legally binding targets for the first commitment period of 2008 to 2012. Upon ratification by Russia in 2004, the conditions for the treaty to enter into force (minimum 55 nations representing 55% of global anthropogenic emissions) were satisfied, and it entered into force on February 16, 2005. The impact of the Kyoto agreements on global energy (and oil and gas) demand is expected to be small (see International Energy Agency World Energy Outlook 2004).

        Since 1997, BP has been actively involved in policy debate. We also ran a global programme that reduced our operational greenhouse gas (GHG) emissions by 10% between 1998 and 2001. Since then, we have been taking further steps to manage GHG emissions. In assessing our performance, we look at two principal kinds of emissions: emissions generated from our operations such as refineries, chemicals plants and production facilities — operational emissions; and emissions generated by our customers when they use the fuels that we sell — product emissions.

        Market mechanisms to allow optimum utilization of resources to meet the national Kyoto targets are being considered, developed or implemented by individual countries and also internationally through the European Union. The relative success of these systems will determine the extent to which alternative fiscal or regulatory measures may be applied. Some EU member States have indicated that they require energy product taxes to enable them to meet their Kyoto commitments within the EU burden sharing agreement.

Kyoto Protocol

        In December 1997, at the Third Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Kyoto, Japan, the participants agreed on a system of differentiated internationally legally binding targets for the first commitment period of 2008 to 2012. Upon ratification by Russia in 2004, the conditions for the treaty to enter into force (minimum 55 nations representing 55% of global anthropogenic emissions) were satisfied, and it entered into force on February 16, 2005. The impact of the Kyoto agreements on global energy (and oil and gas) demand is expected to be small (see International Energy Agency World Energy Outlook 2004).

        Since 1997, BP has been actively involved in policy debate. We also ran a global programme that reduced our operational greenhouse gas (GHG) emissions by 10% between 1998 and 2001. Since then, we have been taking further steps to manage GHG emissions. In assessing our performance, we look at two principal kinds of emissions: emissions generated from our operations such as refineries, chemicals plants and production facilities — operational emissions; and emissions generated by our customers when they use the fuels that we sell — product emissions.

        Market mechanisms to allow optimum utilization of resources to meet the national Kyoto targets are being considered, developed or implemented by individual countries and also internationally through the European Union. The relative success of these systems will determine the extent to which alternative fiscal or regulatory measures may be applied. Some EU member States have indicated that they require energy product taxes to enable them to meet their Kyoto commitments within the EU burden sharing agreement.