BP PLC (LSE:BP.) is to donate £50 million to help pay for the renovation of the British Museum in Bloomsbury, London, reigniting the debate about greenwashing by major oil companies and fossil fuel-producing countries.
The oil giant will provide the cash over 10 years to help with the 'Masterplan' renovation, said the museum, adding it was the biggest corporate donation so far to UK arts.
Corporate sponsorship of museums and events is an increasingly contentious issue, especially when the company concerned supplies fossil fuels such as oil, gas and coal.
Both the National Portrait Gallery and the Tate dropped BP over concerns about climate change, though the British Museum said the Masterplan upgrade was designed to improve its carbon footprint.
Charlie Mayfield, chairman of the committee overseeing the plans, said: “The British Museum is one of the largest and most visited cultural institutions in the world but some of its buildings are over 200 years old and in urgent need of refurbishment."
Louise Kingham, senior vice-president Europe and UK country chair for BP, said: “As a business that has made Britain its home for over a century, we are proud to be a long-term partner to this important British institution and play our part in its future transformation.”
Shares in BP dropped 1% to 461p.