Our bp Target Neutral 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.
bp Target Neutral makes site visits to all the low carbon development projects.
At the heart of project selection is a robust set of principles. We only purchase credits backed by international standards such as the United Nations Clean Development Mechanism (UN CDM) and the Verified Carbon Standard (VCS) and we apply the ICROA code of best practice for procurement and retirements.
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.
Before we allow a project to be included in our bp Target Neutral Portfolio we conduct a due diligence process.
Before we add a project to the bp Target Neutral Portfolio, we undertake a thorough due diligence exercise. We conduct a tailored assessment of each project, reviewing a range of aspects from compliance with the offset program requirements, technical carbon accounting, co-benefits, safety or other issues that might impact the credibility of the offsets.
The due diligence is carried out using a bp proprietary checklist; the bp reviewer will cross check detail across a range of relevant categories depending on the project type e.g. number cookstoves installed/location, rice production, avoided flaring, Health & Safety, Quality Management Systems, Human Resource, co-benefit detail and some checks for specific methodologies. The due diligence involves gathering evidence from maps, photos, documents, registry web sites, program rules and process diagrams as well as calculations and re-calculation of the offset units created.
All of the projects in the bp Target Neutral Portfolio are visited by an independent auditor to conduct assurance checks of the operations, quality management and calculations associated with the emission reductions/removals and co-benefits, and many receive an additional visit by bp project managers or specialist consultants.
The 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development.