And thank you all very much indeed for joining us. I appreciate that there are many people here tonight who have much experience of the energy industry in India and beyond. I thank you for joining us and I look forward to hearing your views.
I am delighted to be back in India. It is a great opportunity to learn more about what is happening here as well as to explain what BP is doing around the world.
In explaining our work, I'll focus on my own business, BP Alternative Energy, which is dedicated to generating power from the low carbon sources of solar, wind, gas and hydrogen.
Alternative Energy is of course part of the wider BP Group which has nearly 100,000 people in over 100 countries. We produce oil and gas at a rate of nearly 4 million barrels a day and we are constantly looking to play our part in creating a sustainable energy industry which is strong in energy efficiency and low-carbon products.
Someone asked me recently if the BP Alternative Energy business was a real commercial venture or simply a public relations exercise.
My answer was to point out that we plan to invest more than $8 billion in Alternative Energy over the next decade - so it would be an extremely expensive publicity stunt!
The truth is that this is not public relations. It is a significant business. And it exists because there is a strong business case for low carbon power - one that gets stronger every day. That business case is about responding to the need for energy:
- that is sufficient to meet people's needs;
- that is local and secure;
- and that is also clean and environmentally-friendly.
For me, that is exactly the kind of vision to inspire the world of business. We have to find ways to address each of those needs.
So tonight I want to explain why our business exists, what we are doing, and what we plan to achieve in the next decade or so.
To do that, I will cover four things
- why we believe the environment is important - alongside providing secure energy for growth;
- why we are looking to move beyond hydrocarbons in the energy we provide;
- why low-carbon power is significant;
- and last but certainly not least, why India is important to BP and why I believe it has much to offer to the developing low carbon economy.
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