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:
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, USA
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.
Notes to Editors
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.
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.
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)
For further information please refer to The ICROA Code of Best Practice