Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Carbon credits · United States · 2020

BP acquires majority stake in Finite Carbon, a US forest carbon developer

Short record: the main facts, with sources. A full case file has not been prepared.

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 1 not disclosed · 4 insufficient · 1 not measured See the gaps

BP bought a majority stake in forest-carbon developer Finite Carbon in December 2020. South Pole left the Kariba forest-carbon scheme in Zimbabwe in October 2023, saying it was disappointed with how the operator ran it on the ground.

What?
BP announced in December 2020 that it had acquired a majority stake in Finite Carbon. BP
Where?
United States (Finite Carbon's forest schemes); Zimbabwe (Kariba REDD+ project) BP
When?
December 2020 announcement; South Pole exit statement on 27 October 2023 Argus Media
Who?
Gained
  • BP — majority stake in Finite Carbon, a forest-carbon developer BP
Lost
None on record
Harmed
None on record
Why?
Not stated in the sources reviewed.
How?
A purchase of a majority stake in the developer. BP
6 of 6 questions answered from the record

What happened

The record, in order.

BP announced in December 2020 that it had acquired a majority stake in Finite Carbon, which its press release calls the largest US forest carbon offset developer.

South Pole, a carbon consultant, said on 27 October 2023 that it was leaving the Kariba REDD+ project in Zimbabwe, as Argus reported.

South Pole strongly denied knowingly selling worthless credits, as swissinfo reported (no source URL recorded).

BP's stake in South Pole is reported but not verified (see unknown).

    In court and with insurers

    Every proceeding and every insurer decision on record.

    Lawsuits and rulings

    No court case on record. No court has ruled on this case.

    Insurers

    No insurer decision on record.

    What we don't know

    Undisclosed, unproven, untried: recorded as data.

    Nature

    • Not measured Harm to nature: The record holds no measurement of harm to nature.

    Record

    • Insufficient Reported but not verified: BP took a minority stake in South Pole in March 2009.
    • Insufficient Reported but not verified: Finite Carbon had 50 forest-carbon schemes covering 3 million acres.
    • Insufficient Reported but not verified: more than 60% of Kariba credits exist only on paper, and Verra cited 15.2 million excess credits.
    • Insufficient Reported but not verified: Kariba credits were inflated at least five times.
    • Not disclosed Not stated in the sources reviewed: the amounts BP paid for Finite Carbon and for its South Pole stake; the South Pole amount is not disclosed.

    Did the harm stop?

    Not stated in the sources reviewed.

    Who paid?

    Not stated in the sources reviewed.

    Sources

    Voices on record: ✓ Company or project— Government and regulators— Courts✓ Press and investigations— Communities and civil society— Researchers

    Company or project

    Press and investigations

    1. South Pole pulls plug on Kariba
      Argus Media · 2023-10-27

    Connected cases

    Related matters, and cases linked to this one through the same organisations, with the role each played in both.
    Terms used on this page

    Carbon and conservation finance

    Excess credits
    Credits issued beyond the amount that a later review found to be justified.
    Offset
    Using carbon credits to balance emissions released elsewhere, so that a buyer can claim lower or zero net emissions.
    REDD+
    Reducing Emissions from Deforestation and forest Degradation. A UN framework under which forest projects earn carbon credits for deforestation they say they prevented, measured against a projected baseline.

    Law and courts

    Plea
    In a criminal case, the defendant's formal answer to a charge. A plea agreement settles a case with a guilty plea on agreed terms.

    Insurance

    Captive insurer, self-insurance
    A company covering its own risks, either directly or through an insurance company it owns.
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