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Market News

 May 10, 2007
BP Releases 2006 Sustainability Report

 London, UK -- Highlighting its investments in alternative energy projects and steps to reduce greenhouse gas emissions, BP has published its 16th annual sustainability report.

Although BP's Group Chief Executive, Lord John Browne, preceded his announcement of the report by noting that the last two years have been challenging for the company, including the explosion at a BP refinery in Texas that killed 15 people and operational troubles in Alaska, he said the company's successes were a remarkable achievement.

Among BP's successes in working toward sustainability, the report shows that the company's greenhouse gas emissions have steadily declined for the last four years, from 83.4 million tons in 2003 to 64.4 million tons in 2006. The reductions have been achieved in part by launching energy efficiency projects within its operations, and in part through carbon offset programs.

In addition, in 2006 BP furthered its investment in BP Alternative Energy -- announced in 2005 -- by investing an planned $8 billion over the next 10 years into creating sources for low-carbon energy from renewable sources, including solar, wind, hydrogen and natural gas.

The company also pledged in 2006 to invest $500 million in the creation of an Energy Biosciences Institute at the University of California at Berkeley. The Institute will fund researchers to investigate ways to harness biotechnology to create clean energy.

BP's 2006 Sustainability Report is available for online viewing and downloading from BP's website.