Global energy giant, BP, has revealed plans to invest $500 million a year on low-carbon energy. In step which has been said to "present a growing challenge to its traditional oil business", the move by BP is interpreted by analysts as recognition of “significant commercial potential” in low-carbon energy solutions. These include solar power and increased activity in carbon trading.
As quoted in Bloomberg, "BP’s investment plan is less ambitious than rival Shell, which pledged to spend as much as $2 billion a year on its new energies business. The British company is “scanning and screening” for renewables deals...".