All projects selected for the BP Target Neutral Pillar Portfolio are subject to our stringent BP Target Neutral due diligence and are 100% compliant with the ICROA Code of Best Practice.
Our projects are all around the world. 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.
We have a rigorous assessment process of all potential projects. We visit each project site to talk to the project owners and local stakeholders. We look at technical risks to ensure the project can deliver its promised benefits. We look at non-technical risk to ensure projects are developed in accordance with local laws and the UN Declaration of Human Rights and, wherever possible, that local communities are not affected negatively by the project.
Our Project Selection Forum makes the final selection of all projects in our portfolio. The forum is made up of representatives from the independent organisations The Climate Group, Fauna and Flora International and Forum for the Future, as well as BP Target Neutral. The Forum ensures the robustness of each project and the delivery of socio socio-economic and environmental benefits locally. All projects are also reviewed and approved by our Independent Advisory and Assurance Panel.
Once we have chosen a project, 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.”