bp has acquired a majority stake in carbon offset developer Finite Carbon, building on its existing interest in the company. Finite Carbon states it is the largest developer of forest carbon offsets in the U.S.
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, comments, “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 no infrastructure to quantify, monitor and verify these actions. 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 reports it now has 50 carbon projects on 3 million acres in the U.S., 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 Carbon platform.
CORE Carbon is a web-based platform designed to enable small landowners to access the carbon offset market. The technology removes barriers, including high transaction monitoring and reporting costs, which prevent small landowners from accessing the carbon market and instead enable them to generate new annual income through long-term commitments to good land stewardship.
Recently, Enviva, the world’s larger producer of industrial wood pellets, teamed up with Finite Carbon to engage small forest landowners across the U.S. Southeast to voluntarily participate in global greenhouse gas emissions reduction programs.
Enviva’s partnership with Finite Carbon is intended to emphasize continued forest growth and carbon sequestration across the U.S. Southeast by creating an additional incentive for small forest landowners to protect their forests, especially sensitive, bottomland hardwoods.
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