Oil companies face huge opportunities. Consider British Petroleum (BP), which now markets itself as Beyond Petroleum. Responding to climate change, BP has taken social and environmental leadership to minimize its emissions and overall environmental impact. These changes were sparked under the leadership of former Chief Executive Lord John Brown. What was once strictly a petroleum business has morphed into an energy business that raises public awareness about climate change and big technology solutions.
BP still deals with petroleum, but it also takes a lead in developing low-carbon fuels and technology. The company
^ Launched an alternative energy business in 2005
^ Launched a bio-fuels business in 2006
^ Is involved in developing carbon capture and storage technology
^ Is dedicated to raising public awareness through advertising and Web site features
Fossil-fuel companies have the potential to become energy companies, expand their customer base, and ensure that they remain successful through policy and cultural changes designed to help reduce greenhouse gas emissions.
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