How we choose our projects
bp Carbon Connect works with the Low Carbon Trading team to select projects based on customer and market demands. The current bp Carbon Connect portfolio is designed to meet the needs of a growing global business and consumer appetite for high quality carbon credits as regions step-up the transition to a low carbon economy.
Our bp Carbon Connect portfolio is designed to create a stock of carbon credits, flexible enough to meet customer demand but at a stable annual price point that business and consumers can plan around. At the heart of project selection is a robust set of principles. We only purchase credits backed by recognised international standards, such as the United Nations Clean Development Mechanism (UN CDM) and the Verified Carbon Standard (VCS). Projects must deliver additional emissions reductions or removals that would not have occurred without carbon finance.
Our project-selection approach is aligned with the Integrity Council for the Voluntary Carbon Market’s (ICVCM) Core Carbon Principles, including effective governance, robust quantification, additionality, permanence, no double-counting, independent validation and verification, sustainable-development benefits and safeguards.
We only purchase credits from projects that provide ‘additional’ carbon reduction that would not have happened without the carbon finance and project activity taking place. We also look for wider societal, environmental and economic ‘co-benefits’ contributing to the UN Sustainable Development Goals. Projects are assessed on their contribution using international standards for co-benefits where possible.
Carbon integrity
We assess whether the emissions claim is credible. Credits must be supported by recognised international standards, with additionality confirmed and the carbon accounting checked. Examples include the United Nations Clean Development Mechanism (UN CDM) and the Verified Carbon Standard (VCS).
Environmental integrity
We consider whether the project protects nature and avoids harm. Projects should apply appropriate environmental safeguards, prevent pollution and deliver positive outcomes for nature where relevant, including protecting biodiversity and avoiding local pollution.
Social integrity
We assess whether affected communities are genuinely engaged and treated fairly. Projects should demonstrate meaningful community engagement, fair benefit sharing and clear grievance processes, including free, prior and informed consent where applicable.
Due-diligence review
Before a project joins the bp Carbon Connect portfolio, we complete a tailored due-diligence review using a bp proprietary checklist. The review considers programme compliance, carbon accounting, additionality, environmental and social safeguards, co-benefits and safety.
We gather and cross-check evidence from sources including project documents, maps, photographs, registries and programme rules, and recalculate the credits created. Every project is visited by an independent auditor, with many also reviewed by bp project managers or specialist consultants.
