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BP Target Neutral Expands 2019 Carbon Offset Portfolio

New projects in the Indonesia, United States and Brazil 

BP Target Neutral, BP’s voluntary carbon offsetting programme, has expanded its portfolio of carbon offsetting projects
Indonesia Domestic Biogas Programme

Indonesia Domestic Biogas Programme

Target Neutral has made new investments in carbon credits generated by projects in the United States, Indonesia and Brazil which form part of a portfolio that already includes credits purchased from other projects in China, India, Mexico and Zambia.

 

The portfolio has the capacity to reduce up to 1.17 million tonnes* of carbon per year while improving the livelihoods of more than 1.3 million people* through better access to energy, health, education, and employment opportunities as well as protecting more than 40,000 hectares of globally significant habitat.


An independent project selection forum uses the UN’s Sustainable Development Goals as a framework for assessment before the new projects are chosen. BP Target Neutral only buys carbon credits that meet industry body ICROA’s (International Carbon Reduction & Offset Alliance) best practice standards.


Credits are used to offset carbon emissions as part of a “Reduce – Replace – Neutralise” approach to carbon management. This supports the development of low carbon and carbon neutral products and services for BP’s customers.


Andrea Abrahams, global director, BP Target Neutral said:

 

 

BP is committed to advancing a low carbon future and developing carbon neutral products and services is a key element in our strategy. In 2018, we purchased over 850,000 tonnes of carbon offsets which are helping our customers reduce their emissions and supporting economic, social and environmental progress around the world. Looking forward, we have identified other new projects which we are adding to our portfolio in India and China.”

 


In Indonesia, the purchase of carbon offsets from the BIRU Domestic Biogas Programme enables households to produce their own low cost, low carbon energy from animal dung by using carbon finance to install biogas digesters saving an average 45,000 tonnes of carbon each year1. In addition, the biodigester leaves behind a bio-slurry - an organic fertiliser that is used to improve crop yields instead of purchasing expensive chemical fertilisers that have their own carbon and environmental footprint. The project also brings new employment opportunities in manufacturing and installing the biodigesters, as well as improved health from reduced smoke, soot and dust in the kitchen from cooking with solid fuels such as firewood and coal.

Transformer Oil Reclamation Project

Transformer Oil Reclamation Project, USA

In the United States, the Hydrodec Transformer Oil Reclamation Project involves the collection and recycling of spent oil used in electricity transmission systems and generates carbon credits by re-refining it into new, virgin quality oil. The process is 67% less energy intensive than refining new crude oil2. This also avoids the incineration of spent oil, further reducing emissions of carbon dioxide and avoiding the risk of toxic co-pollutants such as dioxins.  Used oil can be re-refined multiple times.  The result is an average annual emissions reduction of 25,000 tonnes of carbon3.
Kamiranga Ceramic Fuel Switching Project

Kamiranga Ceramic Fuel Switching Project, Brazil

In Brazil, the Kamiranga Ceramic Fuel Switching Project has enabled a ceramics factory to invest in new kilns that use renewable biomass residues for fuel, thereby reducing carbon emissions by an average 40,000 tonnes of carbon per year4. Purchasing carbon offsets from the project not only cuts carbon, it has helped create a market for renewable biomass suppliers and has provided financial support to a range of local community initiatives that have improved sanitation, road infrastructure and education.


The 2019 BP Target Neutral project portfolio can be viewed here.


* Total carbon emissions reduced by the portfolio annually based on data published in verification reports. 

Notes to Editors


About BP Target Neutral

BP Target Neutral is not managed for profit nor does it seek to make a return on the purchase and sale of carbon credits. BP Target Neutral’s work is supported by an independent Carbon Advisory Panel of prominent environmental and industry experts.


Members of the Panel include Mark Kenber, former CEO of the Climate Group, Mike Barry, former Director of Plan A, M&S, Rita Clifton, CBE, and The Nature Conservancy.


For more information click here.

About Carbon Credits

Carbon credits are tradable certificates that represent one tonne of Carbon Dioxide equivalent (tCO2e) either removed or prevented from entering the atmosphere.  A carbon credit grants the holder the right to claim for that specific environmental benefit. Approved registries give each carbon credit a unique identification number to ensure it is not double counted. Credits can be traded in compliance or voluntary markets. Since GHG reduction projects generate credits, this approach can be used to finance carbon reduction schemes between trading partners and around the world. BP Target Neutral only buys carbon credits from ICROA approved standards.

ICROA code of Best Practice

As a member of ICROA, BP Target Neutral commits to:

 

Perform carbon measurement in accordance with international standards (e.g. WRI/WBCSD GHG Protocols and ISO 14064)

  • Perform carbon measurement in accordance with international standards (e.g. WRI/WBCSD GHG Protocols and ISO 14064)
  • Encourage clients to set challenging targets to go beyond business-as-usual
  • Encourage clients to assess emission reduction opportunities and prioritise cost-effective actions
  • Use credible carbon credits in accordance with international standards and programs
  • Use third-party registries to retire and remove carbon credits used for offsetting
  • Encourage clients to communicate their carbon status and footprints, including emissions associated with the organisation, product, service or event, as well as details about actions to reduce and offset emissions

For further information please refer to The ICROA Code of Best Practice

 

 

 1. Total emissions reduced by the project annually - data sourced from verification report
 
 2. Based on information provided by the project supplier – 3degrees
 
3.  Total emissions reduced by the project annually - data sourced from the SCS Global Validation and Verification Report for the Transformer Oil Reclamation Project, Published July 2016
 
4.  Total emissions reduced by the project annually - data sourced from verification report