Oil major, BP scanning for renewables deals with $500m annual war chest

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BP Plc plans to invest $500 million a year on low-carbon energy, which presents a growing challenge to its traditional oil business, Bloomberg reports.

The U.K.-based oil producer sees “significant commercial potential” in solar power and is becoming more active in trading carbon credits, Deputy Chief Executive Officer Lamar McKay said in London. It also plans to set targets for emissions from operations, he said.

In December, BP re-entered the solar market after a six-year absence with a $200 million investment in a company that develops photovoltaic farms in Europe. The British company is currently “scanning and screening” for renewables deals, Chief Executive Officer Bob Dudley said in an interview last month.