BP invests in forest offsets

BP Ventures has invested $5m in Finite Resources, parent company of Finite Carbon, a US-based forest carbon management company.

Finite Carbon was founded in 2009 and has since become the largest developer of forest carbon offsets in North America with more than 40 forest projects covering nearly three million acres. The company offers landowners a single-source solution for inventorying, managing, and monetising forest carbon assets.

Finite Carbon quantifies the carbon benefit of long-term commitments to sustainable forest management practices and connects landowners to businesses that want to incentivise this improved management by paying a fee per ton of carbon dioxide permanently stored in the forest. In addition to maintaining and increasing carbon storage, this investment in improved forest management also creates other benefits in the form of cleaner water and air, reduced wildfire risk, abundant wildlife habitat, and increased recreational opportunities in rural communities.

Sean Carney, chief executive of Finite Carbon, said: “With BP’s investment in Finite Resources, we plan to significantly scale the use of voluntary offsets as a mechanism to incentivise forest stewardship. With the help of those businesses committed to supporting good forest management, we expect to deliver more than $100m directly to landowners in the next five years.”

To date, Finite Carbon has developed and transacted over 60m compliance forest offsets valued at nearly $600m for a diverse set of landowners including Native American tribes, forestland investors, corporate and private family owners, land trusts, and public agencies.

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