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BP to spend US$1bn on renewable energy

Oil giant BP says it will spend over US$1 billion in 2010 on alternative and renewable energy.

“We have some really attractive investment opportunities which we are pursuing,” BP Alternative Energy Chief Executive Katrina Landis told Reuters.

BP spent US$1.3bn on alternative and renewable energy in 2009 – around 6% of BP’s investment.

BP’s alternative and renewable energy activities are focused around wind power, solar power, carbon capture and storage (CCS) and bioenergy.

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