BP's Commitment to GoM Reparation Confirmed
BP says it is supporting economic and environmental efforts in the Gulf of Mexico and is committing huge funding.
To date, BP (BP) has spent over $14 billion in response and clean-up costs and have paid $9.9 billion in claims, advances and settlements to individuals, businesses and governments. The company has also committed to provide up to $1 billion to fund early restoration projects.
In 2011, BP committed $174 million to be distributed to Alabama, Louisiana, Mississippi and Florida over a three-year period to promote tourism, seafood marketing and testing. This is in addition to the $87 million in tourism grants provided to the states by BP in 2010. Understanding the importance of seafood to the Gulf economy and way of life, BP has funded extensive seafood testing and promotion and say they will continue to support the Gulf, its environment, its people and their businesses.
Supporting long-term oil spill research
BP has committed $500 million over 10 years for independent research on the Gulf ecosystem and how to better protect the environment in case of oil spills.
National Fish & Wildlife Foundation projects
In 2010, BP donated $22 million from the net revenue of the sale of oil recovered from the spill to the US National Fish and Wildlife Foundation (NFWF), which used the funds to quickly implement several conservation projects along the Gulf Coast.