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BP Plans to Invest $500 Million a Year on Low-Carbon Energy

  • U.K. company sees ‘significant commercial potential’ in solar
  • Oil driller plans to set targets for emissions from operations
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Dudley Says BP Is `Firing on All Cylinders'

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BP Plc plans to invest $500 million a year on low-carbon energy, which presents a growing challenge to its traditional oil business.

The U.K.-based oil producer sees “significant commercial potential” in solar power and is becoming more active in trading carbon credits, Deputy Chief Executive Officer Lamar McKay said in London. It also plans to set targets for emissions from operations, he said.