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BP Invests in Forest Carbon Offsets Leader Finite Resources

Gasoil News - Published on Fri, 01 Nov 2019

Image Source: bp.com
BP Ventures has invested USD 5 million in Finite Resources Inc, parent company of Finite Carbon, a US-based forest carbon management company. 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. Finite Carbon was founded in 2009 and has since become the largest developer of forest carbon offsets in North America with more than 40 forest projects covering nearly three million acres. The company offers landowners a single-source solution for inventorying, managing, and monetising forest carbon assets.

BP has been a long-term advocate for the establishment of carbon pricing systems and already supports and enables projects that reduce emissions and generate environmental credits, both for voluntary use and compliance purposes. The importance of forests was recognised in the Paris Agreement on climate change, which encouraged governments to support, including through results-based payments, the sustainable management and enhancement of forests as well as activities to reduce emissions from forest degradation and deforestation. Finite Carbon’s voluntary forest offsets program, by providing financial rewards for carbon outcomes, supports these climate goals.

Finite Carbon quantifies the carbon benefit of long-term commitments to sustainable forest management practices and connects landowners to businesses that want to incentivize this improved management by paying a fee per ton of carbon dioxide permanently stored in the forest. These practices can include preserving high conservation value areas on their properties, maintaining no-harvest buffers along streams and rivers, reforesting and rehabilitating understocked areas, and increasing the time period between harvests.

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Posted By : Rabi Wangkhem on Fri, 01 Nov 2019
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