Edited sentence: BP currently invests over US$1 billion per year in the development of renewable energy sources, and has committed to spend US$8 billion on renewables in the 2005 to 2015 period.BP invested $8.5 billion in exploration and production of fossil fuels in the year 2001.In 1997 it became the first major oil company to publicly acknowledge the need to take steps against climate change, and in that year established a company-wide target to reduce its emissions of greenhouse gases