BP: Moving Ahead

BP: Moving Ahead

British Petroleum, the world's third largest oil company, is approaching global warming entirely differently than the rest of the industry. While other oil companies initially spent tens of millions on advertising that "global warming is a myth." CEO John Brown publically acknowledged that global warming is a real threat to which oil contributes significantly. He estimates that replenishable energy sources such as solar power may provide 50% of the world's energy by 2050. As a result, BP has been heavily investing is solar technologies and by 1997 had 10% of the world's solar power market. BP also made strides in the development of other renewable energy resources, reaching $1 billion in commitments during 1997. Shell committed $500 million.

BP has also pledged to reduce its own emissions 10% below 1990 levels, by 2010 regardless of whether to Kyoto Protocol goes into effect. CEO John Brown said the pollution cuts would largely come from the development of new technology and renewable energy sources, increased energy efficiency, and the reduction of wasteful practices like burning off waste natural gas.