We all have a responsibility to take constructive, precautionary action. Such action should not be left to governments alone. Within BP, we have set our own internal target and time frame for making greenhouse gas reductions. Our target of 10 percent by the year 2010 based on a 1990 baseline exceeds the Kyoto average. Additionally, BP has embarked on a voluntary, internal emissions trading program that we believe will result in a 3 percent reduction in emissions by 2005 from 1995 levels.
Technology development is an important aspect of the climate change challenge.
BP is involved in partnerships directed toward the identification of strategies needed for development of low carbon energy sources. For example, investment in solar is an integral part of BP's climate change commitment. BP supports Safe Climate Sound Business because it provides an excellent opportunity to broaden our collaboration on our climate change activity and to work collectively with other companies in seeking solutions to reducing greenhouse gas emissions. At a September 1998, speech at Yale University, BP's Group Chief Executive Sir John Browne outlined BP's targets to reduce greenhouse gas emissions by 10 percent.