UK BP acquires majority stake in US carbon offset firm Finite Carbon
SINGAPORE (ICIS)–UK energy company BP has acquired a majority stake in Finite Carbon for an undisclosed amount, to help boost the US’ carbon offset developer’s expansion, including into new geographical markets.
“Deepening our partnership will allow them to accelerate their development and expansion,” said David Eyton, executive vice president of innovation and engineering at BP.
Finite Carbon now has 50 carbon projects on 3m acres in the US which have registered more than 70m independently-verified offsets and generated more than $500m in revenue for landowners.
The company identifies and develops projects that enable landowners to generate revenue from the protection, restoration, and sustainable management of forests, BP said.
“The increased investment will aid the delivery of a further $1bn to landowners by 2030 from its existing business lines and its new CORE Carbon platform,” BP said.
CORE Carbon is the first web-based platform designed to enable small landowners to access the carbon offset market.
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