BP to Boost Spending on Alternatives to Oil

BP plans to double spending on alternative and renewable energy, creating a business unit that could generate about $6 billion a year in revenue within a decade, the London-based oil giant said.

BP will invest $1.8 billion in the next three years on solar, wind, hydrogen and carbon sequestration. The company will focus on new technologies to replace oil- and gas-based power generation, which accounts for more than 40% of man-made greenhouse gas emissions.