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BP Eyes Carbon Offset Market, Taking Majority Stake in Largest U.S. Forest Developer
BP plc has taken a majority stake in Finite Carbon, the largest developer of U.S. forest carbon offsets, with plans to accelerate business opportunities overseas.
Using its internal business accelerator BP Launchpad, the supermajor said it plans to provide the oomph for Finite to expand into international markets. BP already held a stake in the Wayne, PA-based firm, whose portfolio of about 50 projects stretches across three million acres of forestland, representing every U.S. region from Appalachia to coastal Alaska.
“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,” said Finite President Sean Carney, who founded the company.