Greenpeace responded with disappointment to Tuesday's announcement that despite an increase in renewable investement, BP's spend on oil and gas exploration and production would be 50 times greater than its investment in green energy technology.
Greenpeace organised this April's shareholder resolution to the BP Amoco AGM calling for the company to cancel its plans for arctic oil exploration and redirect the expenditure to the Companies solar power subsidiary. The resolution received an unprecedented level of support with 13% of votes and £ billion of stock backing with the resolution.
Greenpeace climate campaigner Matthew Spencer said:
"This increase in renewable investment does little more than bring BP into line with Shell's level of investment in green energy technology announced in 1997. It doesn't put it in the lead, and it fails to indicate any commitment to achieving a breakthrough in manufacturing costs for solar power. BP continues to chase solar subsidies around the world in a strategy that has more to do with naked opportunism than a genuine attempt to bring consumer costs down, or to generate value for shareholders."
BP's announcement of Tuesday 11th July indicated that renewable energy would receive just 1% of the extra expenditure resulting from BP's enormous windfall from high oil prices. Oil and gas investment was increased by 40% resulting in 50 times more cash going to exploration and production of fossil fuels than to green energy. Stuart Bell, Research Director at pension fund advisory firm PIRC which backed the resolution, said,
"Whilst the increase in investment in renewables is welcome what long term shareholders really need is route-map for how BP Amoco is going to manage the transition from fossil fuels to renewables. We hope the company will publish a clear strategy to deal with climate change".
Notes to editors:
1. BP Amoco press release 11/7/00 "BP Amoco Aims For Double-Digit Earnings Growth"
Further information:
Contact the Greenpeace Press Office on 020 7865 8255/6/7/8
