BP has contributed significantly to the evolving debate on climate change against a backdrop of intensifying public concern and coverage of the issue. We support a precautionary stance and accept that this is a long-term issue. BP’s actions focus on our own business activities and engagement in informed external dialogue to influence policy, regulation and research. BP supports the use of market mechanisms such as emissions trading to bring about the most efficient forms of emissions reduction.
In 2006, we made further progress in building BP Alternative Energy – an $8-billion, 10-year investment launched in 2005 – into a substantial business providing cleaner low-carbon power from solar, wind, hydrogen and natural gas sources.
In 2006, we increased our involvement in biofuels, transport fuels made from crops that absorb carbon dioxide as they grow, reducing GHG emissions from transport over their full fuel life cycle. We launched a dedicated biofuels business and announced an investment of $500 million over 10 years in a university-based Energy Biosciences Institute, at which specialist researchers will apply their biotechnology expertise to energy.
We continued the roll-out of BP Ultimate, launched in the UK in 2003, in two new markets, South Africa and Russia. This fuel delivers reductions in emissions such as carbon monoxide and nitrogen oxide when compared with standard fuels.
Safety, environmental and social performance report:
Edited by Carolyn Allen