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        May 22, 2008

(CNN Student News) -- May 22, 2008 Quick Guide Going Green - Examine some companies' commitment to investing in alternative energy. Going Green AZUZ: You might have seen some commercials about oil companies investing in alternative energy. But you just heard how expensive that can be, and the companies have to consider what kind of a return they can get on that investment. After all, they're businesses; they're supposed to make money. Allan Chernoff examines these companies' commitment to going green. (BEGIN VIDEO CLIP) CHEVRON AD: That an oil company can practice and espouse conservation. Not corporate titans, but men and women of vision, people who daily try to find new ways, cleaner ways to power the world. ALLAN CHERNOFF, CNN REPORTER: It's a message we're hearing more often from some of the biggest companies on the planet; oil giants, which provide the fossil fuels we burn, that are, in turn, blamed for global warming. Chevron and BP have been most aggressive in promoting their commitment to alternative energy. BP AD: We need to really be cautious of what we put into our cars, just like we put into our bodies. And we need to make that shift that, well, what we're doing is really messing things up. CHERNOFF: Media watchdog critics say don't believe the hype. JOHN STAUBER, PR WATCH: What these companies are doing is called "greenwashing." They want to look as green and environmental as possible. CHERNOFF: BP, which was the first oil giant to acknowledge concern about global warming, plans to spend about $1.5 billion dollars this year on alternative energy projects including wind, solar and hydrogen-fueled power plants. That's more than 6 percent of the company's capital investments. Chevron has made a three-year alternative energy commitment of $2.5 billion dollars through next year, which would amount to about 4 percent of Chevron's investments in energy resources. It's not enough, say environmentalists, who claim that the investments are merely symbolic. DERON LOVAAS, NRDC: Small, baby steps when they could be taking giant strides, given the revenue that they're raking in because of these high prices. CHERNOFF: Chevron and BP declined to appear on camera, but say their investments are significant and may grow. Chevron told CNN, "It is prudent to take proactive steps to position Chevron for future leadership in important sources of renewable energy." BP recently told investors, "Alternative energy is expected to be a major part of the global energy mix in the future, and energy is BP's business." SHELL EUREKA AD: Fewer wells means less destruction and less waste. CHERNOFF: In a recent ad, Shell promoted its horizontal oil drilling as environmentally conscious. Shell is boosting investment in wind energy in Texas, though it recently announced plans to pull out of a major wind power plant off the British coast. Allan Chernoff, CNN, New York. (END VIDEO CLIP)

    

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