|ALC carbon outcome||Enabling BP and third parties to meet their low carbon objectives|
Total offset/ GHG saved: 28,000,000 tonnes CO₂e [Jan-Dec 2018]
BP believes that carbon pricing provides the right incentives for everyone – including energy producers and consumers alike – to play their part in reducing emissions. One fifth of the world's greenhouse gas (GHG) emissions are now covered by carbon pricing systems and we anticipate further growth in this area.
One way that BP can support carbon pricing is to help enable projects that reduce or store GHGs and generate environmental credits for use in carbon markets. We do this through our Global Environmental Products (GEP) business.
GEP works with project developers and owners early on to help them finance their projects. For example, GEP has worked with the Sealaska Corporation, a Native institution, on an improved forest management project in Alaska. The project involves the sustainable management of 165,000 acres of Sealaska's forest land to maintain and improve carbon sequestration. In March 2018, more than 9 million carbon offsets were issued to the project. The proceeds will be invested back into Sealaska shareholders, businesses and communities for generations to come.
GEP also helps enable projects that generate biogas via the decomposition of organic waste. When the biogas is used to fuel vehicles, it can become eligible for the creation of environmental credits. In the US, GEP creates biogas credits from landfills, agricultural digesters and waste water treatment plants located in the US and Canada.
BP also has a 50% equity position in a non-operated joint venture, at landfill sites in Michigan and Tennessee that generate landfill gas.