Peak oil? Majors aren’t buying into the threat from renewables

LONDON: Two decades ago, BP set out to transcend oil, adopting a sunburst logo to convey its plans to pour US$8bil over a decade into renewable technologies, even promising to power its gas stations with the sun.

That transformation – marketed as “Beyond Petroleum” – led to manufacturing solar panels in Australia, Spain and the United States and erecting wind farms in the United States and the Netherlands.