On December 16, 2020 one of the world’s largest carbon credit traders BP Plc acquired a controlling interest in a forest carbon management company Finite Carbon.
As part of the deal, BP acquired control of the largest forest carbon credit developer in the USA.
Finite Carbon’s portfolio of assets includes 50 carbon projects that covers an area of 3 million acres.
Under the terms of the agreement, Finite Carbon would become part of Launchpad, a subsidiary company of BP in order to develop digital and low-carbon businesses.
According to Finite Carbon, the company’s revenue exceeded $500 million.
With a growing interest in carbon pricing and offsets, Finite Carbon expects BP investment to increase to $1 billion by 2030. In California, where the company is concentrated, the largest emitters are oil companies and the transport sector.
Alliance of European Lawyers acted as legal advisor, while accompanying this transaction.