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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 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.