Through its carbon offsetting programme BP Target Neutral, BP has supported emission reduction projects around the world.
One such project includes the Reducing Emissions from Deforestation and Forest Degradation (REDD)+ Forest protection project in Zambia which is helping to conserve over 40 000 hectares of pristine forest from destruction as a result of charcoal production and the expansion of farmlands.
It is reported that BP Target Neutral’s carbon finance supports forest wardens, sustainable charcoal production, education and alternative income sources like bee-keeping and honey production. The project has resulted in 943,469 tCO2e credits issued to date which is an average 137,000 tCO2e per year.
Air BP’s Anthony Leon, general manager, Southern Africa said, “We are pleased to be sharing our lower carbon solutions and sustainability agenda with our customers. With the African continent anticipated to experience phenomenal growth, it is vital that we work together with our partners, suppliers, customers and operations teams to continue to develop innovative solutions to reduce our carbon footprint and neutralize emissions.”
BP plc,formerly the British Petroleum Company plc is a British multinational oil and gas company headquartered in London, England.
It is one of the world’s seven oil and gas super-majors.It is also a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, power generation and trading. It also has renewable energy interests in biofuels, wind power, smart grid and solar technology.
According to the UN-REDD programme, deforestation and forest degradation account for approximately 11% of carbon emissions, more than the entire global transportation sector and second only to the energy sector.
They says that it is now clear that in order to constrain the impacts of climate change within limits that society will reasonably be able to tolerate, global average temperatures must be stabilized within two degrees celsius. “This will be practically impossible to achieve without reducing emissions from the forest sector, in addition to other mitigation actions,” according to the programme.
The REDD+ is a mechanism developed by Parties to the United Nations Framework Convention on Climate Change (UNFCCC).
It creates a financial value for the carbon stored in forests by offering incentives for developing countries to reduce emissions from forested lands and invest in low-carbon paths to sustainable development. Developing countries would receive results-based payments for results-based actions.
REDD+ goes beyond simply deforestation and forest degradation and includes the role of conservation, sustainable management of forests and enhancement of forest carbon stocks.
