{"id":14110,"date":"2006-06-14T00:00:00","date_gmt":"2006-06-13T22:00:00","guid":{"rendered":"http:\/\/www.bio-based.eu\/news\/index.php?startid=20060614-09n"},"modified":"2006-06-14T00:00:00","modified_gmt":"2006-06-13T22:00:00","slug":"bp-to-invest-500-million-over-10-years-in-biofuels-research","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/bp-to-invest-500-million-over-10-years-in-biofuels-research\/","title":{"rendered":"BP to invest $500 million over 10 years in biofuels research"},"content":{"rendered":"

BP PLC (BP)<\/a> is to invest $500 million over 10 years in a biofuels research program starting by the end of 2007, the company’s chief executive said Wednesday.
The plans will be in addition to $8 billion of spending already earmarked by the company to develop alternative-energy projects as it tries move from traditional hydrocarbons and change its public image.<\/b><\/p>\n

In a print version of a speech to be made Wednesday, CEO John Browne said the company will make “a 10-year investment of $500 million to create a dedicated biosciences energy research laboratory, attached to a major academic centre.” <\/p>\n

“This will be the first facility of its kind in the world,” he added.<\/p>\n

Browne said BP had begun discussions with several leading universities to identify which could host the research program, called BP Energy Biosciences Institute.<\/p>\n

He said the institute would focus on developing new biofuel components and improving the efficiency of existing ones; devise technologies to enhance the conversion of organic matter to biofuel molecules; and use modern plant science to develop species that produce a higher yield of energy molecules.<\/p>\n

Biofuels, which use organic matter – such as corn or cane – are seen as cleaner than those using fossil fuel and one way to address the world’s thirst for energy.<\/p>\n

Last July, the U.S. Congress passed an energy bill that mandates the doubling of biofuels output by 2012.<\/p>\n

Other oil companies are also spending money on the technology. For example, Royal Dutch Shell PLC (RDSB.LN) has invested in privately-owned Canadian biotechnology company Iogen which blends farming waste with fossil fuels at its Ottawa plant.<\/p>\n

Last year, BP said it would fund its alternative-energy projects through a new business unit, BP Alternative Energy, where it expects to invest as much as $8 billion over 10 years. Energy sources developed will include solar, wind, hydrogen and carbon-abatement technology.<\/p>\n

But a spokeswoman said the $500 million pledged for biofuels will be on top of the $8 billion already announced.<\/p>\n

The announcement was made during the release of BP’s statistical review of world markets, where it said growth in global energy production and consumption slowed in 2005 to 2.7%, down from a 4.4% increase in 2004.<\/p>\n","protected":false},"excerpt":{"rendered":"

BP PLC (BP) is to invest $500 million over 10 years in a biofuels research program starting by the end of 2007, the company’s chief<\/b><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[],"supplier":[],"class_list":["post-14110","post","type-post","status-publish","format-standard","hentry","category-bio-based"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/14110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=14110"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/14110\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=14110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=14110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=14110"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=14110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}