BP = "Back to Petroleum?"

| Tue Jun. 30, 2009 1:38 PM EDT

BP appears to be back pedaling on its vaunted commitment to alternative energy, renewing old skepticism about what the company formerly known as British Petroleum really stands for.

BP recently shuttered its alternative energy headquarters in London and plans to slash its $1.4 billion alternative energy budget by as much as 64 percent this year, the Guardian reports. Its clean energy boss, Vivienne Cox, is officially stepping down to spend more time with her family, though some industry insiders tell the paper that she's frustrated over the business being downgraded in importance.

Though BP has long led the oil industry in acknowleging climate change and investing in renewables, alternative energy investments make up only 5 percent of its portfolio. "Even its support of Kyoto is pilloried as disingenuous," Paul Roberts wrote in this magazine in 2006. "BP happens to be overstocked in reserves of natural gas, a fuel that emits less CO2 than coal or oil, and whose price would rise steeply if society was forced to cut carbon emissions."

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