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TotalEnergies Forms Gabon Forestry Carbon Offsets Venture

  • Oil company buys 49% stake in Gabonese forestry firm CBG
  • Carbon credits will be used to offset TotalEnergies emissions
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TotalEnergies acquired 49% of Gabonese logging firm Compagnie des Bois du Gabon, the French oil major’s first foray into Gabon’s forestry sector.

TotalEnergies, which has been pumping oil in the central African country for more than 80 years and is its leading fuel retailer, said it is joining forces with CBG to develop a new forest management model that combines wood harvesting and processing in south-west Gabon with the production of carbon-offset credits. The size of the acquisition wasn’t disclosed.