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.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.