BP and Shell (RDS.A, RDS.B) have halted funds for four separate biofuel ventures because the...

|About: BP p.l.c. (BP)|By:, SA News Editor
BP and Shell (RDS.A, RDS.B) have halted funds for four separate biofuel ventures because the technology won’t be economical until 2020 or beyond, executives tell Bloomberg. The decisions helped cut global investment in biofuel production to $57M in Q1, the lowest since 2006, making it less likely the industry will meet ambitions of reducing fossil fuel pollution and weaning motorists off crude oil-based fuel.