Europe’s biggest oil companies are scaling back work on the next generation of biofuels, a setback for the effort to create a gasoline substitute that doesn't threaten the worlds food security.
BP Plc and Royal Dutch Shell Group Plc have halted funds for four separate ventures because the technology to produce fuel from woody plants and waste won’t be economical until 2020 or beyond, executives at both companies said in interviews.
“This is very capital intensive,” Phil New, head of BP’s biofuels program, said in an interview. “There’s lots of difficult engineering. It will take time for scale-up.”
Via Green Living 4 Live