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Photo illustration of Bernard Looney, the CEO of BP. Photo illustration: Eniola Odetunde/Axios. Photos: Daniel Leal-Olivas, NurPhoto/Getty ImagesÂ
Oil giant BP said this morning that it has taken a majority stake in Finite Carbon, a U.S.-based company that according to BP is the country's largest developer of forest carbon offsets.
Why it matters: BP, which made a $5 million investment in the firm's parent last year, said the new deal would help the company expand and reach new markets. The size of the deal was not disclosed.
"Finite Carbon has the potential to build a global platform for managing and financing natural climate solutions," said David Eyton, BP's executive VP of innovation and engineering.
How it works: Via Bloomberg, "Finite Carbon, with 50 carbon projects over 3 million acres of land, connects landowners to businesses that pay a fee per ton of carbon dioxide permanently stored in the forest. Companies can purchase offsets on the market or privately to cancel out their emissions."