BP calls for end to US import tax on Brazilian ethanol
The letter has highlighted BP’s belief that ‘sugarcane-based ethanol will be the lowest-carbon biofuel available in the first years of the Low-Carbon Fuel Standard’.
By supporting the end of import taxes on Brazil's ethanol, the letter states, California would send a strong sign to lawmakers in Washington, DC, that the state is seriously committed to meeting emission targets.
The agency said BP is the only oil company in the world that invests in Brazil's ethanol, holding a 50% stake in Tropical Bioenergia, located in Goias state, which started operations in September 2008.
The stake resulted from €517 million investments made jointly with the Maeda Group and SantelisaVale, now controlled by Louis Dreyfus Commodities.
BP CEO Tony Wayward recently said the company will invest €4.5million in Brazil's sugarcane-based ethanol over the next 10 years.
CARB will vote on 30 April regarding new regulations to reduce emissions in the state.