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BP and Royal Dutch Shell cut biofuel investment

BP and Royal Dutch Shell are pulling back on biofuel investment, saying the technology won’t be viable at least until 2020.

BP and Royal Dutch Shell are pulling back on biofuel investment, saying the technology won’t be viable at least until 2020.

The firms have cancelled investments in four ventures involving the production of biofuel from woody plants and waste, according to a Bloomberg news story.

The projects were set up to create a source of gasoline that doesn’t drain the food supply chains.

The move brings biofuel investment down to its lowest level since 2006.