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Photo: Lance King/Getty Images

BP said Friday that its venture capital arm is investing $5 million in a company that specializes in offsetting carbon emissions through forest projects.

Why it matters: It's the latest example of oil giants using their venture arms to stake companies with tech and products designed to fight climate change.

Driving the news: BP is investing in Finite Resources Inc., which is the parent company of Finite Carbon.

  • "The investment will enable Finite Carbon to grow a new line of business to incentivize sustainable forest management, financed by businesses seeking to voluntarily offset carbon emissions," BP said in a release.

The big picture: Rob West, founder of the research firm Thunder Said Energy, tells me that oil majors' total VC spending may reach $700 million this year.

  • However, that's across all forms of tech, not just alternative energy and climate-related companies.

Where it stands: BP isn't the only oil major working in the forest space. The Italy-based multinational Eni calls forest conservation projects a "pillar" of their climate efforts.

  • Per Bloomberg, Eni rolled out plans earlier this year to plant 20 million acres in Africa.

But, but, but: The majors' investments in climate-friendly projects, business lines and startups remains a very small fraction of their spending on oil-and-gas exploration and production.

Go deeper

Miriam Kramer, author of Space
32 mins ago - Science

NASA's Mars helicopter is a test for the future of space exploration

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA is set to fly the first test flight of its tiny Ingenuity helicopter on Mars Sunday, marking the advent of drones for space exploration.

Why it matters: If successful, this flight will be the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

Bryan Walsh, author of Future
2 hours ago - Politics & Policy

The global future is looking dark and stormy

Illustration: Rae Cook/Axios

A new 20-year-forecast for the world: increasingly fragmented and turbulent.

The big picture: A major report put out this week by the National Intelligence Council reflects a present rocked by the COVID-19 pandemic. How the next two decades will unfold depends largely on whether new technologies will ultimately unite us — or continue to divide us.

11 hours ago - Politics & Policy

Rep. Gaetz declares he's "not going anywhere" amid sex trafficking probe

Rep. Matt Gaetz. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

Rep. Matt Gaetz (R-Fla.) doubled down Friday night, saying he's not "going anywhere," and vowing, "I have not yet begun to fight," amid a federal investigation into sex trafficking allegations.

What he's saying: “I’m built for the battle, and I’m not going anywhere,” Gaetz, who denies the allegations, said during a Women for America First event at the Trump National Doral Miami resort.