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Australian Minister for the Environment and Heritage
Senator the Hon. Ian Campbell
30 November 2005
The Minister for the Environment and Heritage, Senator Ian Campbell, today welcomed BP's announcement that it would double its investment in alternative and renewable energies.
Senator Campbell said BP's investment highlighted the commercial opportunities to be found in alternative forms of energy.
"BP have had tremendous success with its BP Solar product, which it expects to reach revenues of $1 billion in 2008," he said.
"This decision builds on that success and will help BP create a broader range of alternative energy products.
"BP is leading the business community in this area by recognising the commercial opportunities created by growing global demand for more environmentally-friendly fuel and energy sources.
"This is proof that environmental wins are compatible with business profit."
The Australian Government's $1.8 billion Climate Change Strategy supports a range of initiatives to develop and commercialise alternative energy technologies.
These include an investment of $500 million in low emissions technologies and more than $500 million in renewable energy, including the $75 million Solar Cities initiative and $100 million Renewable Energy Development Initiative.
"There is no single technology that will adequately address the challenge of climate change – governments and businesses throughout the world need to invest in a range of measures," Senator Campbell said.
"I congratulate BP on leading the way and encourage other businesses to follow their example and take advantage of the commercial opportunities available in the renewable energy sector."
For more information on the Australian Government's climate change strategy, visit www.greenhouse.gov.au
Renae Stoikos on 02 6277 7640 or 0418 568 434