Every project in our 2017/18 portfolio complies with either the Verified Carbon Standard (VCS), Gold Standard or Clean Development Mechanism (CDM) all of which are approved under the ICROA Code of Best Practice. These standards provide a methodology framework, independent verification process and registry to ensure emissions reductions are real, additional (i.e. that they would not have happened without the project), permanent and unique.
How we choose projects
All projects in the BP Target Neutral Portfolio must comply with the requirements of the ICROA Code of Best Practice. All projects are independently verified against the approved standards set out in the Code.
The more companies choosing voluntary offsetting, the more BP Target Neutral can do to support low carbon development projects globally. They offer social and other economic benefits to the communities in which they operate, for instance creating long term employment, better energy security, improved local infrastructure, skills, training and knowledge transfer that supports local low carbon growth agendas.
Once shortlisted the BP Target Neutral Project Selection Forum oversees the selection of all projects in the portfolio.The Forum is led by leading NGOs in the voluntary offsetting sector: Fauna & Flora International, Forum for the Future and The Climate Group. The Forum ensures the robustness of each project and the delivery of socioeconomic and environmental benefits locally based on their contribution to the UN Sustainable Development Goals.
We visit each approved project site to assess activities on the ground and talk to the project owners and local stakeholders. As well as an assessment of technical risks to ensure accurate carbon reductions we also conduct a non-technical risk assessment to ensure projects are developed in accordance with local laws and the UN Declaration of Human Rights.
Once a project is contracted, we negotiate a Verified Emission Reduction Purchase Agreement (VERPA) and arrange for the delivery of Verified Emission Reductions (VERs) into a recognised carbon registry account. This ensures the process is transparent, and that credits are only ever counted once. When credits are sold to offset emissions they are officially offset – a practice known as “retirement.”