Five years ago, a handful of oil majors launched what they called the Oil and Gas Climate Initiative with the stated aim of accelerating the energy industry’s response to climate change. One of the ways to do that was carbon capture, storage, and potential reuse. Now, five years later, Big Oil has little to show for it. Yet it is starting to take carbon capture seriously. In December last year, BP said it had acquired a majority stake in the largest carbon offset project developer, Finite Carbon. The company, according to the supermajor, “develops projects that enable landowners to generate revenue from the protection, restoration, and sustainable management of forests.” The acquisition will help Finite Carbon expand internationally, targeting landowner revenues of $1 billion by 2030. In August last year, BP’s fellow supermajor Shell said it would acquire an Australian carbon offset project developer, Select Carbon. The Anglo-Dutch company […]