BP is reportedly planning to spend $1.5 billion in 2008 alone, in a bid to reduce greenhouse gas emissions. The group is hoping to build around 1,000MW of gross installed wind capacity by the end of 2008, while increasing solar sales to 800MW in the near future, according to the news source.
The UK-based energy major is also seeking to build hydrogen-fueled power plants with carbon capture and storage mechanism, with a major project expected to come up in Abu Dhabi, in the United Arab Emirates. BP’s first UK bioethanol plant is expected to be commissioned in 2010.
Tony Hayward, BP’s CEO, as quoted by Thomson Financial, said: Our aim is not to abandon fossil fuels, but to produce and use them more efficiently, while scaling up and investing significant resources in the new technologies we need for the transition to a low-carbon future.
