BP cash for World Bank forest fund

14 June 2011

Global oil and gas company BP has pledged $5 million to the Bank’s Forest Carbon Partnership Facility (FCPF). BP will finance the FCPF’s carbon fund, which facilitates the sale of forest carbon credits from participating countries to investors. The company will reportedly be able to offset its own emissions through the fund, or profit from its involvement by buying credits and selling them on open markets. “BP should focus on cleaning up its own act, including the still highly polluted Gulf of Mexico, instead of engaging in forest carbon offset credits to avoid meeting climate goals. The carbon fund is almost entirely public money and cannot be used to bail out dirty industries like BP” said Kate Horner, of Friends of the Earth US.