BP Comments at Society of Petroleum Engineers Offshore Europe Conference

by Katrina Landis, CEO BP Alternative Energy ... Biofuels provide a useful case study to illustrate some of the most important factors involved in developing renewable sources of energy. While demand for oil is projected to remain strong in most scenarios, there is no doubt that biofuels will play an increasing role in fulfilling demand for transport fuels.

The growth of biofuels is being driven by the forces I mentioned earlier - reducing emissions, increasing energy security and finding alternatives to oil.

The share of biofuels in the total supply of road transport fuels worldwide is projected to rise from around 3% today to between 11% and 19% or more in 2030, with most of the growth occurring in the United States, Europe and China. We believe that, with the right policies in place, this growth can occur without unacceptable negative impacts on food security or other resources.

However, in order for growth to be maximised and for biofuels to fulfil their potential, there must be both industry leadership and regulatory support. Biofuels need to be produced in the most efficient and sustainable way. As time goes by, an increasing share of the total market will be made up of such advanced biofuels. READ MORE