Corporate Responsibility | July 03, 2008 |
BP Gets Further Beyond Petroleum with Cogen Plant
BP has bought a 525 megawatt (A LOT of energy) cogeneration plant in Indiana for $210M. The Whiting Clean Energy Facility is a cogeneration plant, meaning that the heat produced by making energy (natural gas) as steam is pumped out to customers as heat. Most factories produce huge quantities of heat, and 'cogen' plants recycle that otherwise wasted energy.
BP has been a leader among oil companies to create partnerships and initiatives for renewable energy research, as well as acquiring renewable assets like Whiting. The company is involved in biofuels and hydrogen research, carbon sequestration and more. Compared to other companies that have not changed their protocol at all , BP is winning the energy race. BP began its rebranding effort years ago and seems to be benefiting from the early action. BP’s ad campaign makes upbeat claims like BP was “the first oil company to publicly recognize the risks of global climate change.'' and that BP ''believes in alternative energy. Like solar and cappuccino.''
Despite its environmental foibles, BP is honest (posts environmental fines on website) and tries to be sustainable. Since effort is the first step to action, I remain optimistic about the company. Plus, it’s easier to hold a business accountable when it airs its good intentions.
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