HOUSTON, Sept. 4 LAWFUEL – Law News Network — BP Americ…

HOUSTON, Sept. 4 LAWFUEL – Law News Network — BP America will work with California
Governor Arnold Schwarzenegger to develop workable, market-based strategies
for implementation of climate change legislation to reduce greenhouse gas
emissions throughout California. Governor Schwarzenegger is expected to
sign the legislation into law in the near future.

“After speaking with Governor Schwarzenegger, I believe that, through
his leadership, a fully functioning market will become an integral part of
the system to reduce greenhouse gas emissions,” said BP Group Chief
Executive John Browne. “Having an emissions market will help California
achieve the lowest cost solutions and spur innovation of new technologies
supporting lower greenhouse gas emissions.”

BP annually reports its greenhouse gas emissions and has made
significant reductions in those emissions over the years. The company has
long advocated the use of emission “cap and trading” programs to achieve
emissions reductions and is an active participant in the European Union
emissions reduction market.

“I believe this legislation can provide a framework for addressing
climate change in a way that helps, not harms, California’s economy,” said
BP America Chairman and President Bob Malone, a founding board member of
the California Climate Action Registry.

“Over the years BP has worked with successive California
administrations and legislatures to develop sound public policy to reduce
green house gases,” Malone said. “Our engagement on this issue will
continue as new climate change regulations are developed. We want this
effort to be successful because what happens in California matters to the
nation and to the world.”

Notes to Editors
– Every year in the BP Sustainability Report BP describes the efforts of the company to address climate change. The climate change section of the report is available at:

– In 1997 BP publicly acknowledged the need for precautionary action to cut GHG emissions. In 1998 BP set a target to cut emissions from our operations to 10% below 1990 levels by 2010. In 2001 BP achieved its 2010 target nine years early through energy efficiency and by cutting flaring of unwanted gas

– In California, BP was the first in the global energy industry to earn the distinction of Climate Action Leader under the rigorous California
Climate Action Registry program.

– In November 2005, BP created a new Alternative Energy business, with a commitment to invest $8 billion over the next decade in alternative energy. BP Solar is one of the world’s largest makers of photovoltaic panels.

– In February 2006, BP announced plans to partner in construction of a $1 billion hydrogen-fueled power plant in California that will generate clean electricity with minimal carbon dioxide (CO2) emissions.

– In June 2006, BP and the California Institute of Technology teamed up in a multi-million dollar research program that could open the door to a radical new way of producing solar cells, making the cost of solar electricity more competitive and increasing current efficiency levels.

– In August 2006, BP purchased Greenlight Energy, Inc, a developer of large-scale wind energy projects across the USA. This purchase will further accelerate BP’s plans to develop a leading wind power business in North America.

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