Biggest Investor in Alternative Energy is Big Oil

LONDON: Oil major BP Plc. is investing up to $8 billion in wind, solar, hydrogen and high efficiency gas-fired power generation projects in the next 10 years as part of its efforts to reduce the ill effects of global warming.

The London-based company, the world's second largest listed oil firm, said it is setting up a new unit, BP Alternative Energy, to manage a number of projects that have potential to turn in sales of around $6 billion a year in about 10 years. It is earmarking an initial $1.8 billion as investment in the sector over the next three years -- in solar, wind, hydrogen and combined cycle gas turbines. Most of the projects will be located in the U.S.

BP's chief executive Lord John Browne said there are sufficient new technologies and sound commercial opportunities within the company's reach to build a significant and sustainable business in alternative and renewable energy.

and sit on them instead of allowing them to become economic rivals with their petroleum based energy interests.