BP Ventures has invested $5 million in Finite Resources Inc, parent company of Finite Carbon, a US-based forest carbon management company. BP recently announced a new joint venture with US agri-commodities company Bunge. Innovative enhanced recycling technology capable of processing PET plastic waste which currently goes unrecycled. The investment will enable Finite Carbon to grow a new line of business to incentivize sustainable forest management. BP and China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) have signed a memorandum of understanding (MOU).
It financed by businesses seeking to voluntarily offset carbon emissions. OGCI member companies on track to achieve methane intensity target. Bernard Looney will succeed Dudley as group chief executive. Grid Edge’s cloud-based software anticipates a building’s energy demand. Finite Carbon was founded in 2009 and has since become the largest developer of forest carbon offsets. Company planned two-year $10 billion divestment programme now expected to be largely agreed by end 2019, ahead of schedule. The company offers landowners a single-source solution for inventorying, managing, and monetizing forest carbon assets.
“The conservation and restoration of forests is vital to combatting climate change”, Nacho Gimenez, managing director, BP Ventures said.
The technology to be deployed to all North Sea assets in 2020. BP has been a long-term advocate for the establishment of carbon pricing systems. The acquisitions (M&A) team in the UK and the US was working behind the scenes to get everything in place. Company already supports and enables projects that reduce emissions. The proposed facility in Zhoushan, Zhejiang Province would deploy BP’s CATIVA® XL technology to produce acetic acid. The importance of forests was recognized in the Paris Agreement on climate change. Grid Edge’s predictive energy management technology enables customers to adapt their energy use.
It encouraged governments to support, including through results-based payments. The climate Investments announces latest investments in low-carbon technologies and projects. Bob has dedicated his whole career to the service of the industry. The technology typically enables customers to lower carbon emissions by 10 to 15%. Significant contribution from Alaska divestment and further progress with non-BHP US Lower 48 legacy gas asset sales. BP’s North Sea business has successfully executed a groundbreaking pilot project testing innovative ways. The sustainable management and enhancement of forests as well as activities to reduce emissions from forest degradation.
The pilot combined highly advanced sensor technology originally designed by NASA. The thriving market for low carbon deals is a growing part of the job. BP to complete pilot plant in US in 2020 to prove the technology. Finite Carbon’s voluntary forest offsets program, by providing financial rewards for carbon outcomes, supports these climate goals. The potential new plant would be an addition to ZPCC’s major integrated refining. The Oil and Gas Climate Initiative (OGCI) announced further initiatives to accelerate the reduction. Airports, business districts and shopping centres can all benefit from the technology.
BP has supported Finite Carbon’s project developments and purchased many of their offsets for regulatory compliance for several years. The investment is in support of strategy to create an ecosystem of distinctive. The divestments expected to result in a non-cash after-tax charge of $2-3 billion in BP’s third quarter 2019 results. Bernard has all the right qualities to lead through the transformational era. Now company look forward to supporting the team’s expansion into the voluntary carbon market. The investment in Grid Edge complements other recent investments in companies in this area.
It connects businesses that are willing to offset their carbon footprint with landowners willing. The drone circled the Clair platform at a radius of 550 metres for 90 minutes. Finite Carbon quantifies the carbon benefit of long-term commitments to sustainable forest management practices. BP consistently delivered strong safety, operational and financial performance. It connects landowners to businesses that want to incentivize this improved management by paying a fee per ton of carbon dioxide. It has been the privilege of a lifetime to serve the company and work with industry for the past four decades.
The practices can include preserving high conservation value areas on their properties. Digital technologies are a critical component to drive the transition to a low-carbon future. It maintaining no-harvest buffers along streams and rivers, reforesting and rehabilitating understocked areas. This is the most efficient way to reduce the carbon intensity and power consumption required to keep buildings comfortable. The investment in improved forest management also creates other benefits in the form of cleaner water. BP announced that it now expects to deliver divestment proceeds and announced transactions.
It improving knowledge, understanding and performance by testing new technologies. Landowners receive free assessments from Finite Carbon and pay no upfront costs to participate. OGCI launched a new initiative to unlock large-scale investment in carbon capture. The assets might be new and emerging, but one thing that won’t change is the importance of relationships. Grid Edge’s machine learning and data-driven approach is what really sets them apart. It also incentivizes the sustainable management of American forests. Grid Edge was spun out of Aston University’s Energy Research Institute in 2016.
It means landowners are being paid to practice good forest management, which isn’t as easy or as profitable as the alternative. The businesses and other organisations to make the most of their energy assets. Company want to test a method for collecting large amounts of data on emissions over long periods of time. Bernard is a terrific choice to lead the company next. It is only a few short years since the founding partners left Aston University. The changes aren’t just good for the planet- they’re good for the people who fish in, swim in. The aim of the KickStarter is to create the necessary conditions to facilitate a commercially viable.
“With BP’s investment in Finite Resources, we plan to significantly scale the use of voluntary offsets”, Sean Carney, chief executive officer said.
Company expect to deliver more than $100 million directly to landowners in the next five years. Technology will play an increasing role. Family office investment house Goldacre joined BP as co-investors in the funding round. $10.25 billion all-cash acquisition of US onshore assets from BHP in 2018. Finite Carbon has developed and transacted over 60 million compliance forest offsets valued at nearly $600 million. China is the world’s largest acetic acid market and accounts for more than half of global production capacity. Finite Carbon has been an incredible partner. The MOU was signed by Nigel Dunn, chief executive of BP’s Global Acetyls business.
Company worked on behalf to build a trusting relationship and bring a complex project to fruition and on time. RPAS drone solution provided by UK supplier FlyLogix combined with the ultra precise sensor technology. Revenue from offset project has enabled to build critical capacity. It has been a great pleasure to work with Bob and it is an honour to succeed him as chief executive. Company proud to call Finite Carbon friends as well as partners. The $5.6 billion sale to Hilcorp of BP’s Alaskan business announced in August. BP has set out its commitment to a lower carbon future, aiming to reduce greenhouse gas emissions in its operations.