BP has increased its interest in US-based carbon offset developer Finite Carbon, a move that makes the oil major the majority stakeholder in the company.
Based in California, Finite Carbon enables landowners to generate revenue by restoring, protecting and managing forests.
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These initiatives generate carbon offsets and can be traded on markets.
Currently, Finite Carbon has 50 carbon projects on a combined three million acre area in the US. The assets have registered more than 70 million independently-verified offsets, generating more than $500m revenue for landowners.
The latest deal comes a year after BP made an initial investment of $5m in Finite Carbon, reported Reuters.
However, BP did not divulge the financial details of the deal and the size of its stake in Finite Carbon.
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By GlobalDataThe new investment is expected to help Finite Carbon in expanding its footprint by leveraging BP’s business accelerator programme, Launchpad.
BP innovation and engineering executive vice-president David Eyton said: “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.”
Finite Carbon now aims to generate $1bn for landowners by 2030 from its existing business lines and its new CORE Carbon platform.
