Interest in “Going Green” Fuels Big Oil Attempts to Look Eco-friendly

With interest in alternative investing still relatively high, considering the current risk-averse climate, and the environment generating some concern, Big Oil continues to attempt to "greenwash" its image. This has been going on for quite some time (ever since BP — BP — transformed from British Petroleum to "Beyond Petroleum"), but it seems even more pronounced. Seattlepi.com points out the following about Big Oil's attempts at "going green":

ConocoPhillips used shots of breaching whales and Beethoven's music to herald the arrival of double-hulled tankers. …Shell has aired profiles of a groovy solar scientist and a gorgeous cultural anthropologist who advises indigenous peoples on how to coexist with oil development.

Shell (RDS-B) and Conoco (COP) are not the only Big Oil companies to follow in BP's footsteps. Even Exxon (XOM) is getting in on the act. Well, sort of. Exxon is just lowering its profile (as it continues to attempt to avoid paying all of the punitive damages for the 1989 Exxon Valdez oil spill), and cutting funding to groups that use dubious science to discredit (or at least confuse the issue of) global climate change.

But this greenwashing appears to be only skin deep. Big Oil continues to attempt to keep its favored status, as well as block legislation that requires tougher environmental standards, while trying to convince investors that they are an eco-friendly investment . . . which tends to be working. Investors looking for a company that cares about the environment, but also has a proven track record, are likely to be swayed by the advertisements. And why not? We want the best of both worlds. We want to invest in green companies, but we also want to make money.

The good news is that in the future, it may not be necessary to choose between green investing and making money. If alternative energy becomes more efficient, then it will also become more widespread and more popular. Meaning that it will also become more profitable. But it takes guts to invest in some of the burgeoning technologies that are emerging. They are still volatile, as demonstrated by some of the solar stocks earlier this week. But they do offer potential for growth – if you have the risk tolerance for it.

BP Going Green
Photo:Travis S., Creative Commons, Flickr

Disclosure: I am investing in BP, but reconsidering. I like the look of some of the solar stocks now, and BP isn't as green as I would like. I invest in none of the other companies listed above.

Site disclaimer.