Exxon's investment in algae-based biofuels with Synthetic Genomics - Business Insider

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A decade ago, Big Oil bet on algae as the fuel of the future. Now Exxon is the only major firm still backing the biofuel, which several top algae scientists say is destined to flop.

Mayfield, himself, said there's a lot of credibility to the idea raised by other scientists that Exxon's biofuel project was a "PR commitment so that they could, at least, if nothing else, mitigate the loss" related to any lawsuits. But then again, he adds: "People complain about everything Exxon does."

In an email to Business Insider, Sarah Nordin, an Exxon representative, said the company had spent more than $10 billion since 2000 to "develop and deploy higher-efficiency and lower-emission energy solutions across its operations," including advanced biofuels. Cities and states are increasingly introducing policies meant to restrict carbon emissions. California, for example, implemented a low carbon fuel standard in 2011, which creates an incentive for low-carbon transportation fuels, such as algae biofuel.

 

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