70 days ago • Posted by William Ramstein
BP grabs majority stake in major Californian carbon offset developer
As part of its climate goals and to develop a new revenue stream BP has acquired a majority stake in the largest US carbon offset developer; Finite Carbon. This is a way for BP to bet on an expected rise in carbon credit prices, and counter falling fossil fuel profits. BP plans to increase its renewable power capacity 20 fold by 2030 while reducing oil output by 40%.