Getting climate, energy & environment news right.

Big carbon? Oil majors turn to nature to help plug revenue gap

Shadia Nasralla of Reuters highlights the efforts of big oil companies to offset their carbon emissions and invest in nature based solutions (NBS).

The C3 Take
  • Corporations, including big oil, are looking for ways to reduce their carbon footprint.
  • In 2019, BP invested $5 million into Finite Carbon, a California-based company that empowers forestry owners and companies to offset their carbon emissions.
  • Big Oil has signaled through investments and business plans that it plans to reduce its emissions. Although this is a good start, there is still more to be done.

“Shell plans to spend $100 million on average over the next year or two on nature-based carbon offsets and van Bergen expects emissions cuts from nature-based solutions or carbon sinks will be ‘material’ by 2030 or 2035.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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