Carbon offsets are created through financing activities that reduce GHG emissions or absorb carbon dioxide (CO2).
That could be initiatives that provide lower carbon alternatives, like renewable energy or cookstoves to replace open fires.
Or it could be projects that protect or enhance natural resources that absorb CO2e from the atmosphere – such as land and forests.
These projects are awarded a carbon credit for each tonne of C02e reduced or avoided. The carbon credits are certified and issued by an independent body such as the UN, Gold Standard or the Verra (formerly Verified Carbon Emissions Standard).
BP Target Neutral purchases and retires carbon credits which are used to offset customer emissions. Certified carbon credits are generated by projects around the world that are reducing emissions.
How does carbon offsetting work
Adam Hart-Davis explains offsetting
By creating a market where people can buy and sell carbon ‘credits’ – a greenhouse gas emission on one part of the planet can be offset by a reduction somewhere else.
BP Target Neutral believes in ‘offsetting done well’ so we work to a rigorous assessment criteria and selection process that seek to ensure the integrity of the emissions reductions and the positive impact on the communities the projects operate in.
At the end of 2018, we had helped our customers offset more than 4 million tonnes of carbon emissions. In addition, the offset projects have also contributed to improving the lives of millions of people through better access to energy, health, education, and jobs, and protecting thousands of hectares of globally significant habitat.
We source carbon credits from a portfolio of high-quality offset projects around the world.
These projects help improve livelihoods in the communities where they're based.
All projects in the BP Target Neutral Portfolio must comply with the requirements of the ICROA Code of Best Practice.
The 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development.