BP : deepens partnership with Elion on carbon offset programme in forestry sector

'Our growing global environmental products business is investing in high-quality carbon offset projects worldwide,' said Dr Janet Kong, CEO Eastern Hemisphere, BP Supply and Trading. 'BP has been actively participating in emissions trading in China since inception. We see its carbon markets continuing to grow and playing a more important role in emissions trading in the future. Through leveraging our global experience and industrial insights, we plan to continue to support customised carbon asset management to our Chinese partners, such as Elion as they pursue environmental and sustainable development.'

'Elion, as a leading eco-company in China, has developed the internationally recognised Kubuqi Model, which combines the support of government policies and investment from private sectors,' says Wang Wen Biao, chairman of Elion Group. 'I see it as a platform to attract business partners worldwide to participate in Chinese markets.'

Elion is helping to accelerate the development of China green finance, through the design and deployment of tools to help promote social capital investment into local environmental projects. This new collaborative effort between BP and Elion showcases how highly innovative commercial arrangements help support the development of this industry. Through its investment in projects that reduce emissions and generate environment credits, BP's Global Environmental Products business uses these environmental credits in carbon pricing systems around the world.

'The partnership between BP and Elion provides an exciting platform for both parties to further contribute to the development of China's emission reduction programs,' Dr Xiaoping Yang, president of BP China, stated. 'As a trusted energy partner, BP is committed to participating in China's energy transition to a lower carbon future by promoting technological innovation and working in collaboration with local partners.'

BP is committed to a lower carbon future and published the report, Advancing the Energy Transition, in April, which details BP's framework for delivering this commitment: reducing greenhouse gas emissions in its operations, improving its products to help customers reduce their emissions, and creating low carbon businesses.