Release date: 24 May 2019
The statement describes 2018 as “a critical year for the Target Neutral team who took the opportunity to both guide and align with BP’s new low carbon strategy Advancing the Energy Transition.” The Panel noted that the inclusion of offsetting as part of BP’s ‘carbon toolkit’ was important, “because it formalises the strategic role of offsetting in BP’s energy transition.”
In 2018, BP Target Neutral offset over 850,000 tCO2e, the highest amount since the programme started. This is been driven by demand with many of BP’s business units now either developing or rolling out carbon neutral products and services, many of which are in the Advancing Low Carbon Accreditation Programme.
The Panel was also encouraged by progress on recommendations made in its 2017 report especially the efforts to develop scale by a greater focus on fewer, bigger projects and in broadening the range and diversity of its projects, partnerships and geographies.
Praising the BP Target Neutral team’s continued efforts to raise standards and become a leader in high quality offsetting in 2018, the Panel noted that: