25th Oct 2019 11:56
(Alliance News) - Oil major BP PLC has invested USD5 million into a company which develops forest carbon offsets in North America, it said Friday.
The investee is Finite Resources Inc, the owner of Finite Carbon, which has more than 40 forest projects in the US covering nearly three million acres.
BP said it has been a "long-term advocate" of carbon pricing systems, it said, and already supports and enables projects which reduce emissions.
"The conservation and restoration of forests is vital to combatting climate change. BP has supported Finite Carbon's project developments and purchased many of their offsets for regulatory compliance for a number of years," said Nacho Gimenez, managing director of BP Ventures.
"Now we look forward to supporting the team's expansion into the voluntary carbon market as it connects businesses that are willing to offset their carbon footprint with landowners willing to adopt forest management practices that maintain and increase carbon storage."
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 USD100 million directly to landowners in the next five years," added Sean Carney, the chief executive of Finite Carbon.
BP shares were 0.1% higher on Friday in London at a price of 510.50 pence each.
By George Collard; [email protected]
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