We're working to bring the next generation of biofuels to market, to meet rising global demand for renewable fuels
http://www.bp.com/home.do?categoryId=1

corn sugar cane and beet,wheat or oil seed.
Next generation energy take a tour to this text presentation
http://www.bp.com/liveassets/bp_internet/g...mation_text.pdf

.....or go here and see this flash

http://www.bp.com/liveassets/bp_internet/g...s_animation.swf
How it works:from crop to car

''biofuels'' is a bit of a relative name.
If they're gonna fuel all the cars in the world with sugar cane, they need to grow so much that they have to cut down so much forrest that there will be no air left for us to breath. It's a good thought, but it only works on a small scale i think.
Good advertisement for BP

If the US was to replace all current gasoline consumption with corn-derived E85 fuel, then they would need more farm area devoted to growing corn than all currently available US farmland. Plus they would also need to retain around 24% of gasoline to give the 15% by volume component of E85 fuel.

Then we should grow corn farms on mars

good points we will need more area to plant corn.

In fairness, you can compress E85 fuel to a greater extent than petrol enabling you to use a greater compression ratio in an engine. This would give a greater thermodynamic efficiency. The figures I gave above only took into account E85's reduced calorific value compared to petrol. This would downsize the required area of cornfields. In another discussion, Kelly linked to an article suggesting that genetrically modified corn can give a greater yield of alcohol per unit of farming area per harvest, and this would also reduce the required area. But even taking this into account, it shows that corn derived ethanol can only be employed as a limited replacement to petrol, because the demands in growing area are just too great for it to take over to any large extent.

Hemp works best pound for pound for biofuel but Purdue put a stop to that awhile ago.