2017 Advisory & Assurance Panel Statement: the Panel’s verdict on BP Target Neutral in 2017

The BP Target Neutral Advisory & Assurance Panel has published their 2017 Statement on the programme. It was another strong year on growth in terms of emissions offset and products launched. The Panel also have some clear recommendations for 2018/19.

The Advisory Panel

The Panel, from left: Mark Kenber, Mike Barry, Rita Clifton CBE, Sir Tim Smit, Peter Wheeler

The BP Target Neutral Panel is comprised of experts from business, branding and NGO’s. They meet quarterly to review the programme’s performance against its objectives. They apply environmental and social rigour to make recommendations on how the programme can be improved and strengthened.

Each year the Panel publish a summary statement – here are some highlights from the 2017 Statement:

  • 2017 marked a step change for BP Target Neutral in terms of its strategic alignment with BP’s broader objectives as part of the energy transition.
  • It represented another strong year for offer launches with six new offers going to market.
  • The programme offset 714,004 tCO2e against a target of 700,000 tCO2e. This represented an increase of nearly 73,000 tCO2e on 2016.
  • Over its eleven years of operation the programme has invested in projects that have offset 3.17m tonnes of CO2e, with an associated investment of over €14 million in carbon reduction projects globally.
  • The programme is well positioned to help the broader business develop and scale low carbon offers as well as to advise on offsetting and sequestration opportunities.
  • The Panel acknowledged the continued involvement in the International Carbon Offset & Reduction Alliance. (ICROA) and adherence to ICROA’s Code of Best Practice. BP Target Neutral passed the 2017 ICROA audit and is developing a gap-analysis to understand where the programme can make further improvements.

The Panel have some recommendations for 2018/19 which BP Target Neutral will focus on over the next 12 months:

  1. Ensure future strategy is aligned with BP’s corporate low carbon transition objectives.
  2. Be selective about the offers the programme develops in 2018 and focus attention on the areas which promise the best opportunities for growth and structural low carbon change.
  3. Think about long-term partnerships for offset procurement, considering the appropriate geographical spread, offset technologies and the desired environmental and social impact.
  4. Become more active in the debate around offsetting and lift the profile of the work the programme is doing externally.
  5. Deliver a robust platform for future accountability, aligned with BP’s corporate strategy and international climate goals.