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LONDON (Reuters) - Oil companies such as BP and Shell are nurturing nature as a future revenue stream, betting on an expected rise in carbon credit prices as their fossil fuel profits ebb.
A dense stand of small trees clear-cut approximately 10 years earlier is seen from the edge of Hersey Mountain Wilderness in New Hampton, New Hampshire, U.S., December 4, 2020. REUTERS/Elizabeth Frantz
BP last year put $5 million into Finite Carbon, a company that connects forestry owners with companies seeking to offset their climate-warming emissions via-tree planting.
The Californian firm expects to generate $1 billion for landowners over the next 10 years, after a 20-40% cut of the proceeds, its chief executive Sean Carney said.