BP sustainability report emphasises biofuel plans

The company's 2013 sustainability report has announced that it has achieved its 2005 pledge to invest $8 billion (€5.8 billion) in alternative energy by 2015, two years ahead of schedule.

The report states that BP has spent $8.3 million (€6 million) in alternative energy over almost a decade. 

Despite the company not making a public commitment on future alternative energy spending, Phil New, CEO of BP Alternative Energy states: 'It's an area where we believe we can make a real impact and will continue to invest where we see high quality opportunities, both in our existing bioethanol activities and in advanced biofuels.'

The report highlighted that by 2015, BP expects to have doubled production capacity at its largest mill, Tropical BioEnergia, in Brazil. Last year, the facility produced 492 million litres of sugarcane ethanol. It also expanded its venture with wheat-based ethanol producer Vivergo last year, which has an annual capacity of 420 million litres.  

BP is also focusing efforts on commercialising second generation biofuels, as this 'can have positive impacts on carbon emissions, rural development and energy security'.