Branson is flying in the wrong direction

WHILE we should applaud Richard Branson for taking on OPEC and steering Virgin into oil exploration and refining, many will be disappointed that such a high-profile free-marketeer does not possess the vision to plough his billions into biofuels.

As Branson’s petrol and diesel bills hit £750 million a year, he is hedging on increasingly higher fuel prices but fails to capture the public imagination by not giving a lead in the biofuel revolution.

Branson’s short-sighted move comes as the EU’s biofuels directive swings into action and Ford presents its first fleets of bioethanol-guzzling ‘flexi-fuel’ vehicles. Under the new EU law, 5.75% of all transport fossil fuels will be replaced with biofuels by 2010 - perhaps now would be a good time for Branson to follow Ford’s example by hedging his bets on a cleaner and greener future.