BP Launches First Triple Bottom Line Report

· BP Launches First Triple Bottom Line Report
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· BP New Zealand today released its first triple bottom line report, which simultaneously measures the company’s environmental, social and financial performance in New Zealand.
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· “This is the first year that BP has compiled a single annual report into all aspects of our performance in New Zealand,” said BP Managing Director Peter Griffiths.
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· “We acknowledge that, like all business, our operations have an impact on the local environment and on society. This report reflects our commitment to fully understanding those impacts so that they can be reduced and managed as much as possible.”
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· Mr Griffiths said he was proud of the initiatives BP was pursuing in New Zealand including the drive for cleaner burning petrol and diesel, investment in renewable energy, staff safety and management processes and community sponsorship programmes.
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· “The triple bottom line approach makes good business sense. Superior social and environmental performance underpins healthy financial performance and creates new business opportunities. It also helps build lasting and valuable relationships with our staff, our customers and the wider community.” said Mr Griffiths.
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· Mr Griffiths said the company’s first triple bottom line report would set a solid benchmark for further improvements and monitoring of performance in the future.
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· “Triple bottom line reporting is about much more than just issuing a report, it is about integrating the principles of sustainable development into our everyday business and being open, transparent and accountable in our operations.”
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· The report has been independently assessed and verified by URS New Zealand, with all statements of fact verified, and interviews conducted with staff and third parties.
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· Key facts and figures follow – ends –
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· Cleaner Fuels BP introduced low sulphur diesel in Christchurch in 2000 in response to the city’s smog problem, helping drive down sulphur content in all diesels during 2002; In 2000 BP introduced the cleaner burning, 98 octane Ultimate fuel which is now in 30 service stations in the North Island. Ultimate has a quarter the benzene of standard Premium 96 octane fuels and one third the sulphur content.
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· Renewable energy BP is the world’s largest producer of solar panels outside of Japan, a business worth $NZ400 million and expected to grow to $2 billion by 2007; BP is the world’s largest consumer of privately-generated solar electricity and is investing millions of dollars every year in the development of the technology; Internationally BP has installed solar canopies at 385 forecourts, 15 of which are in New Zealand;
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· Climate Change BP supported New Zealand’s ratification of the Kyoto Protocol in late 2002 and was the first major oil company to acknowledge concern over climate change; In 1997 BP globally committed to reduce its own emissions by 10 per cent by 2010, against a 1990 baseline; All of BP’s business units around the world must report their CO2 and methane emissions annually and have limits on the amount of emissions they can produce; As some of BP’s business assets can reduce their emissions more easily than others, BP has in place an internal emissions trading system to provide incentives to business units to reduce their emissions, in many cases beyond targets; BP is working with car manufacturers and research organisations to develop and make available new sustainable technologies like hydrogen;
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· Community relations, sponsorship BP has sponsored Surf Life Saving New Zealand for the last 35 years, making it probably the longest-running sponsorship in New Zealand. Last summer 650 people were rescued by BP-funded inflatable rubber boats; The BP Challenge is one of New Zealand’s best known education sponsorships, which over 250,000 primary and secondary school students participate in every year. The Challenge is held both within and between schools and challenges students to solve problems with everyday items such as newspapers, scissors and string;
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· Human Resources BP has a range of world class policies and procedures in place for protecting the health and safety of staff and contractors: All BP tankers are fitted with seat belts and all company and lease vehicles are equipped with anti lock braking systems, side intrusion beams and dual air bags; BP invests heavily in training and processes to reduce accidents. In 2002 there was one work-place accident that required time off work; Air quality at service stations is monitored every year. The 2002 results found benzene levels between 0.01 to 0.20 parts per million. The New Zealand workplace standard is five ppm; BP has a comprehensive ethics policy that underpins all business operations. Each staff member must sign a certificate every year stating that they have read and understood this policy. All leaders of every large business unit must also sign an annual declaration attesting that their unit has adopted the ethics policy and has systems in place to ensure compliance.
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· Job creation Around 1400 people work for BP with approx 1100 employed at service stations and 300 outside service stations. This is around 100 more staff than in 2001; There are around 400 BP service stations around New Zealand – 260 of which are privately owned and operated;
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Economic performance Turnover $1,564m Net investment in New Zealand $ 441m Historic Cost net profit (after tax) $ 41m Return on average capital employed 13 % New capital invested $ 24m