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21.11.2006 – 16:28

DLG - German Agricultural Society

Deutsche Bank and BP Germany highlight potential for bioenergy to become a leading business of the 21st century

Frankfurt (ots)

Dynamic growth forecast for European bioenergy sector
At a bioenergy conference held last week at
EuroTier, an international livestock exhibition in Hanover, top
speakers from investment banking, oil and agriculture stressed the
important role of agriculture in generating bioenergy, particularly
Dr. Norbert Walter, Chief Economist of Deutsche Bank and Dr. Uwe
Franke, Head of BP Germany, forecast that bioenergy, and supporting
biomass production, will become a significant growth business during
this century.
Dr. Uwe Franke, BP, predicted that in ten years time the pricing
of CO2 would be a major market factor. "Large scale CO2 emissions
reduction and substitution of fossil fuels can only be achieved with
advanced bio-fuels. Advancing bio-fuels has to be done on the
European level in a common effort by the EU, governments, the car
industry, agriculture and the oil industry." Franke added that BP
itself is planning a 500 million US dollar Bioenergy Research and
Development centre for bio-fuels.
Biomass is much more important for the energy mix in Germany than
is often assumed, according to Dr. Norbert Walter of Deutsche Bank.
In 2005 biomass supplied almost 70 percent of energy generated from
renewable sources and he stated that the competitiveness of biomass
would become a decisive factor when evaluating energy supply sources.
"Europe in general, and Germany in particular, are technology
leaders in this dynamic business area due to various government
schemes," Walter added. Walter stressed that European investment in
bioenergy could be lucrative, through technology exports to
energy-hungry countries like China and India and by direct overseas
investment which he encouraged German manufacturers and producers to
actively pursue.
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