BP scales back EU biofuels efforts admist policy uncertainty

In the UK, BP is directing advanced biofuel funding back into the United States and South America as EU’s regulatory environment continues to look uncertain for the future, said Phil New, head of BP Biofuels. With the EU’s concerns about Indirect Land Use Change and climate change, questions continue to be raised about the environmental implications of biofuels, which is not desirable for investment from companies like BP. “There are other places in the world that appear to be more attractive places to invest,” New said, noting BP was developing its technology predominately in the United States and was looking at several options on where to invest, including Brazil.

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