BP has said it will build on "one of the strongest years in recent history" by investing $500m in low carbon solutions, according to Group CEO Bob Dudley. Higher oil prices and increased crude production boosted full-year underlying profits to $6.2bn, and the company plans to follow-up its recent interest in the solar market with the announcement of carbon targets in the coming weeks. The company's chief financial officer, Andy Beal, told investors that he expects a "significant" increase in renewable energy investment over the next two years, as well as an expansion into other areas such as electric However, its renewables moves are dwarfed by rival Shell, which plans to invest $2bn in new energies.
BP has said it will build on "one of the strongest years in recent history" by investing $500m in low carbon solutions, according to Group CEO Bob Dudley. Higher oil prices and increased crude production boosted full-year underlying profits to $6.2bn, and the company plans to follow-up its recent interest in the solar market with the announcement of carbon targets in the coming weeks. BP also said it plans to add rapid charging points at its UK petrol stations. However, its renewables moves are dwarfed by rival Shell, which plans to invest $2bn in new energies.