BP to invest $8 billion in alternative energy through 2015

In the UK, BP Alternative Energy Chief Executive Katrina Landis told Reuters that the company expects to invest $1.3 billion in alternative energy in 2010, and will invest a total of $8.0 billion through 2015. Specific investments within wind power, solar power, carbon capture and storage and biofuels were not disclosed.

However, BP had previously said that it will commence production of cellulosic ethanol from biomass in Brazil in 2013. According to Valor Online “the first plant for producing second generation ethanol will be constructed in the United States in 2010 via its cellulosic ethanol joint venture, Vercipia, with Verenium, with the technology being transferred to BP’s plants in Brazil after operations commence at the U.S. facility.”

The Digest will publish a major interview with BP Biofuels CEO Philip New on Monday, discussing the company’s biofuels goals in more detail.

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Tags: biofuels, BP, UK

Category: International