bp acquires majority stake in Finite Carbon
bp has acquired a majority stake in carbon offset developer Finite Carbon, building on its existing interest in the company. Finite Carbon is the largest developer of forest carbon offsets in the US.
bp will bring the firm into its in-house business accelerator, bp Launchpad. Together with bp’s additional investment, this is expected to bolster Finite Carbon’s expansion, including into new geographical markets.
Finite Carbon identifies and develops projects that enable landowners to generate revenue from the protection, restoration, and sustainable management of forests. These actions increase carbon stored in forests and generate carbon offsets that are verified against industry-recognized standards and can be traded on markets.
Sean Carney, founder of Finite Carbon added: “Putting a price on carbon can make it possible for anyone with the ability to protect, plant, or improve forests to generate revenue from their efforts. However, there is currently limited infrastructure to quantify, monitor, and verify these actions at scale. Thanks to this unique partnership with bp, Finite Carbon now has the resources of a global energy company behind it to help address this enormous environmental challenge and help small landowners access this market.”
Finite Carbon now has 50 carbon projects on three million acres in the US which have registered more than 70 million independently-verified offsets and generated more than $500 million in revenue for landowners. The increased investment will aid the delivery of a further $1 billion to landowners by 2030 from its existing business lines and its new CORE CarbonSM platform.
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