It’s been encouraging to see some of the big oil companies investing  in alternative energy projects as a hedge against single-source energy production, and to improve their public image. Of course, old habits die hard, and we also see some oil companies with a steadfast, single-minded approach to energy investment. This seems to be the case with British Petroleum, which started a renewable energy program in 2000, but recently did an about face and will abandon its green projects in favor of more oil investments.

With oil prices at record highs, new CEO Tony Hayward has decided to forget about environmental initiatives and return BP to its profitable roots. Of course, like every other oil company operating today, BP is still very profitable, but a series of missteps -- an explosion at one of its refineries, pipeline spills, and trading scandals – have hurt both the company’s reputation and bottom line.

So BP has decided to maximise its profit by focusing strictly on oil, including a much greater investment in the Canadian oil sands, which were recently labeled “the most destructive project on Earth”.

Back in 2000, BP unveiled a new green brand image, in an attempt to win over environmentally aware consumers, and even came up with an eye-catching new logo to celebrate the new direction. It was a green, white and yellow flower designed to show the company's commitment to the environment and solar power. It even adopted a new slogan, " Beyond Petroleum". At the time, environmental groups merely mocked the company's attempts.

"This is a triumph of style over substance. BP spent more on their logo this year than they did on renewable energy last year, " the environmentalist group Greenpeace said.

I don’t think many consumers boycott gas stations based on their energy portfolios, but enough bad press will likely have an impact somewhere down the line for BP. Likewise, with carbon taxes on the horizon in the UK, big oil companies will have to factor those into their long-term energy equations.