By all accounts, the oil business has been very good to BP (NYSE:BP). For the first nine months of 2005, the energy giant's replacement cost profit hit $14.9 billion, up 25% from the comparable period in 2004. The lion's share of this profit came from its interest in fossil fuels.

Still, BP is a major player in the alternative energy field. The company, for example, is one of the largest manufacturers of solar power systems. And BP has been vocal about these investments, using TV and print ads to stress its "green" activities to the public. Monday, the company backed up its words with more action, creating a business unit called BP Alternative Energy, and pledged to invest up to $8 billion over the next 10 years in "low-carbon" technologies.

Some may question the wisdom of BP's spending so much on alternative energy when its profits in oil and gas are so robust and alternative power is still a largely unproven and unprofitable area. Paradoxically, its investment may have a lot to do with the revenue it's earning now from fossil fuels. The desire for greater energy independence has created a confluence of interests that is pushing these technologies into the mainstream. BP's decision to get in now should be good for business.

U.S. consumers, for example, are perhaps more aware than they have been in decades of the downside of dependence on foreign-supplied fossil fuels. Consumers may be buying hybrid vehicles like the Toyota (NYSE:TM) Prius as much from a desire to insulate themselves from oil price shocks as from concern for the environment.

Government is likewise is playing a role. The Republican-controlled Congress and White House, hardly known for their environmental policy, are endorsing alternative energy. While the issue of drilling in Alaska often takes center stage, the latest energy bill included provisions supporting investments in wind and solar power. Again, politicians see the desirability of reducing dependence on foreign oil.

Finally, investors seem to be responding to these forces and taking alternative power seriously. One need only look at the soaring share prices of CypressSemiconductor's (NYSE:CY) spinoff, SunPower (NASDAQ:SPWR), to get a sense that the investment community is interested in new energy technology.

Even if alternative energy remains a risky play, different forces are uniting behind it so that the long-term picture looks promising. For BP, investing in alternative power now is a no-brainer.

For related stories:

Fool contributor Brian Gorman is a freelance writer in Chicago. He does not own shares of any companies mentioned in this article.