BP Forms BP Alternative Energy

bp.com, peakoil.com -> companyannouncements.net :

BP today announced that it plans to double its investment in alternative and renewable energies to create a new low-carbon power business with the growth potential to deliver revenues of around $6 billion a year within the next decade.

Building on the success of BP Solar - which expects to hit revenues of $1 billion in 2008 - BP Alternative Energy will manage an investment programme in solar, wind, hydrogen and combined-cycle-gas-turbine (CCGT) power generation, which could amount to $8 billion over the next ten years.

BP CEO John Browne : 'We are focusing our investment in alternatives and renewables on power generation because it accounts for over 40 per cent of man-made greenhouse gas emissions, the biggest single source. It is also the area where technology can be applied most cost-effectively to reduce emissions. As the pricing of carbon develops through trading schemes and other initiatives, the market will grow rapidly as low-emission technologies displace less clean forms of power generation.'

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