BP says biofuels face drawbacks

Production growth will have to depend on new technology to supply transport fuels.

LONDON (Reuters) — Biofuels could supply up to 30 percent of the world’s transport fuels by 2030 but the scope for major growth will depend on new technologies, the head of BP’s biofuels business said Monday.

“The future of this industry is going to be driven by innovation in technology,” Phil New, president of BP Global Biofuels, said at a conference organized by Euromoney.


New said there were major drawbacks with current biofuel technologies related to their cost and performance as well as competition between food and fuel uses of crops.

He said BP believes that these problems could be solved, with the eventual solution likely to involve ligno-cellulosic technologies combined with more advanced biomolecules.

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