BP Goes Beyond Petroleum

BP is putting a significant amount of capital behind their “beyond petroleum” campaign, demonstrating that the ads are more than slick marketing for the oil giant.

CEO John Browne announced this week that BP is doubling their investment in alternative energies such as wind, solar and next-generation coal. Over the next 10 years total investment will be $8 billion – a substantial enough figure to indicate that technological and economic factors have caused big oil to seriously consider energy alternatives. This may be yet another sign that we have reached the point of viability for alternative fuels.

Browne estimates that the market for alternative energy will eventually reach $600 billion. One area the company is focusing on is solar panels for residential homes, an energy source that has attracted attention this year. BP will partner with Home Depot to sell their new BP Solar Energy Tile for residential roofing.