Biofuel Investment in Australia ‘Inadequate,’ Caltex CEO Says
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Caltex Australia Ltd., the nation’s biggest oil refiner, called for increased government funding to spur biofuels development as part of an effort to curb greenhouse-gas emissions and bolster energy security.
Australia has “inadequate funding” for biofuels, with the government devoting just $15 million to the technology, Julian Segal, chief executive officer of Caltex, said in a speech in Sydney today. The U.S. Department of Energy by contrast is investing more than $1 billion to advance the field, he said.