Major Oil Companies are Investing in Biofuels, According to BCC Research Report.
Biofuel in transport fuel is just 5.4%, or around 2 million barrels per day. That number may seem small, but BCC’s latest report, Biofuels: Global Markets, indicates that biofuels have been accepted as the only immediate option to help the aviation industry bring down CO2 emissions.
Produced from non-edible organic materials, such as crops, agricultural waste, and even algae, biofuels are significantly more sustainable than traditional alternatives. While not perfectly carbon-neutral, it is still possible to achieve net-zero emissions while producing biofuels.
BCC’s report projects an increase in biofuels’ share in the transportation market, motivated by:
- Global efforts to combat climate change, such as the Paris Agreement, are motivating companies to invest in biofuels.
- Investments from multinational oil companies like Exxon Mobil, B.P., and Neste, which invested close to $3 billion in biofuels last year.
- Emerging startups like Manta Biofuel and Innoltek, which are paving the way in biofuel innovations, using algae and animal fats as an alternative to crude oil.
- Favorable legislation like California’s Low Carbon Fuel Standard (LCFS) policy that is promoting the use of carbon-neutral fuels like biodiesel.
Biofuels: Global Markets provides a comprehensive overview of the present and future impacts of biofuels on the global oil industry. A more sustainable fuel alternative, biofuels are helping airlines decrease carbon emissions and work toward more sustainable travel.
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READ the latest news shaping the biofuels market at Biofuels Central
Major Oil Companies are Investing in Biofuels, According to BCC Research Report. source
