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14 Jul 2009 04:07:01

ExxonMobil pledges to invest heavily in biofuels

ExxonMobil pledges to invest heavily in biofuels
The world's largest oil company has announced plans to invest $600 million (£370 million) in developing advanced biofuels from photosynthetic algae.

ExxonMobil, which is also the largest publically traded company in the world, suggested that the fuel could have the potential to help lower net carbon emissions produced by global transport.

According to Reuters, the pledge comes only a short time after the oil major suggested that focusing on biofuels would be an uneconomic course of action.

However, ExxonMobil is now backing biofuels with the investment, which it claims follows years of planning and research.

Dr Emil Jacobs, vice president of research and development at the oil giant, predicted that a range of low-carbon technologies will be required to meet future energy challenges.

"We believe that biofuel produced by algae could be a meaningful part of the solution in the future if our efforts result in an economically viable, low net carbon emission transportation fuel," he added.

In 2008, direct operations carried out by ExxonMobil produced 131 million metric tonnes of greenhouse gass emissions, a reduction of 10 million metric tons compared to the previous year.



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