We were the first major oil company to press for precautionary action on climate change and have taken bold steps to improve our energy efficiency and cut greenhouse gas emissions from our operations.
In 2005, we announced that we planned to invest $8 billion in Alternative Energy over 10 years. We're on track to meet that commitment by building commercially viable low-carbon energy businesses, including several biofuels ventures with real potential.
As an industry leader and innovator, we’ve also taken bold steps by publicly committing to invest significantly to build our own biofuels operations and work in partnerships to develop new processes, feedstocks and technologies.
Building our biofuels capacity isn’t a step into the unknown, because we’re already a market leader. In 2008 we blended and marketed over 1 billion gallons of ethanol in the US and our current share of the market worldwide is around 10%. Since 2006 we've already committed more than $2 billion to build existing operations and research and development capability – often working in partnership with other businesses and academic bodies to develop the technologies, feedstocks and processes required to produce advanced biofuels.
We’ve got a clear vision for our biofuels business. We aim to research, develop and produce sustainable biofuels – clean, reliable alternatives to fossil fuels for transport that deliver real reductions in greenhouse gas emissions and help to improve security of energy supply. We believe the science and technology needed to make our vision a reality is already in place.
We’re focused on three key strategic objectives: