Our carbon credit portfolio
bp Target Neutral’s carbon offsetting services purchase and retire carbon credits on your behalf. The credits are sourced from a range of different carbon reduction or avoidance projects around the world.
We work with bp's Low Carbon Trading team which assesses whether projects from which we purchase carbon credits meet robust, industry standards and the carbon reductions or emissions avoided are real, unique, permanent and would not have happened without the project being developed. We work in-accordance with the International Carbon Reduction and Offset Alliance (ICROA) Code of Practice which sets out standards for offset inclusive carbon management.
In addition, bp Target Neutral and the Low Carbon Trading team assess the projects by reference to each project’s social, economic and environmentalcontributions – these are known as ‘co-benefits’ and are reviewed using the United Nations 2030 Sustainable Development Goals (the SDGs). The SDGs provide an international blueprint for “peace and prosperity for people and the planet” that recognizes that ending poverty must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while contributing to carbon reduction.
The bp Target Neutral portfolio for 2023 includes carbon credits from projects in Guatemala, Brazil, Malaysia and Chile. We acquire credits from projects in a range of geographies and using a variety of technology types including the installation of fuel-efficient cookstoves, renewable wind power, and landfill gas capture and use.
bp’s Low Carbon Trading Team
bp’s low carbon trading (LCT) team is part of bp trading & shipping (T&S), one of the world’s leading energy trading houses.
LCT serves as bp’s face to the carbon market across compliance and voluntary markets globally. This includes carbon allowances and carbon offsets.
LCT also deploys capital to scale up solutions that help to avoid, reduce and remove carbon emissions from the atmosphere – and with a view to helping our customers meet their own sustainability objectives.
For example, LCT is sourcing projects in the voluntary carbon market that are:
- Verified against methodologies of internationally recognized independent standards.
- Reviewed by our own internal technical team, with expertise in natural climate solutions, household energy efficiency devices and greenhouse gases.
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