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Photo illustration of Bernard Looney, the CEO of BP. Photo illustration: Eniola Odetunde/Axios. Photos: Daniel Leal-Olivas, NurPhoto/Getty Images 

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."

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

Chevron posts another quarterly loss under weight of pandemic

Photo: Justin Sullivan/Getty Images

Chevron posted another quarterly loss Friday in the latest sign of how the pandemic is still weighing on oil companies despite some price recovery during the second half of the year.

Driving the news: The oil giant reported a $665 million loss for the October-December period, but it shrinks to $11 million on an adjusted basis after considering charges on its acquisition of Noble Energy and "foreign currency effects."

Updated 16 mins ago - World

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

The latest: Kyaw Moe Tun told Reuters later on Saturday, "I decided to fight back as long as I can."

1 hour ago - Axios on HBO

Preview: "Axios on HBO" interviews White House Senior Advisor Cedric Richmond

On the next episode of "Axios on HBO," Axios co-founder Mike Allen interviews White House Senior Advisor Cedric Richmond.

  • Catch the full interview and much more on Sunday, February 28 at 6 pm. ET/PT on all HBO platforms.