After investing more than $8 bn in renewables, BP retreats.

Bloomberg: “BP Plc, recovering from an oil spill that may cost it as much as $42 billion, said it hasn’t set a new target for investing in renewable energy after investing $8.3 billion in the business.”
“The company in 2005 set a target to spend $8 billion by 2015 and achieved that last year, BP said in a report on sustainability issued yesterday. It isn’t setting a new goal.
BP has been disposing of assets to pay for the costs of the spill in the U.S. Gulf of Mexico in 2010 and last year put wind farms worth as much as $3.1 billion up for sale. In 2012, it scrapped a four-year old project to spend $300 million on a cellulosic ethanol refinery in Florida, and the year before, it shut its solar power business. It’s keeping biofuel research.
….The oil company will continue to invest in cleaner fuels. Biofuels can be mixed with conventional fuel to cut greenhouse gases. By early 2015, BP plans to have doubled the capacity of its largest sugar cane-based ethanol mill in Brazil. It’s also working to bring the second-generation of biofuels that use non- food crops to market, according to the report.”