May 21, 2008 - Three months after hinting it may jettison its alternative energy unit, BP says it will invest $8 billion over the next ten years to develop new renewable energy technologies, according to the company's latest sustainability report.

BP has pledged to renew the $1.5 billion annual budget for its renewable energy unit in 2008. Goals for 2010 include installing 3 gigawatts of wind power capacity, selling 800 megawatts of solar capacity, and developing "major projects" in biofuels, according to BP.

In 2007, the company expanded its manufacturing operation for solar panels and launched a joint venture to develop hydrogen power projects.

Read BP's 2007 sustainability report here.