Energy giant BP today announced it has acquired a majority stake in Finite Carbon, 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,” the company said in a statement.
Finite Carbon develops projects that allow 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 can be traded on markets.
Finite Carbon has 50 projects on three million acres in the US which have registered more than 70 million offsets and generated $500 million in revenue for landowners. The increased investment will aid the delivery of a further $1 billion to landowners by 2030.
BP Launchpad focuses on providing funding and support for start-up development with bp as a majority shareholder offering founders and teams expertise in operations, finance, tech, growth marketing, talent, and corporate development, along with an exit path.
