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.
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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.
David Eyton, bp’s executive vice president of innovation and engineering, added: “Finite Carbon has the potential to build a global platform for managing and financing natural climate solutions (NCS).
“Deepening our partnership will allow them to accelerate their development and expansion. Finite Carbon’s progression through bp – from venturing investment to majority ownership and introduction to Launchpad – is a great example of how we are applying our unique innovation ecosystem to foster innovation and build material energy businesses in support of our net zero ambition.”
