Inspenet, July 22, 2023.
Committed to bioenergy
BP Ventures has earmarked $10 million for California-based biofuel company WasteFuel, which specializes in turning municipal and agricultural waste into biomethanol . This investment is part of its efforts to expand its commitment to bioenergy and support fuel solutions with lower carbon footprints.
Globally, solid waste production reaches around 2,000 million metric tons per year and is expected to increase to 3,400 million metric tons by 2051. WasteFuel will use anaerobic digestion and methanol production technologies to convert this waste into biomethanol, a low-carbon alternative to conventional fuels.
Shipping, which accounts for 90% of global trade and generates 3% of global greenhouse gas emissions, presents a significant challenge for decarbonization. Biomethanol has the potential to play a key role in this sector.
BP is committed to establishing lower carbon footprint alternative fuel sources for shipping and plans to bring WasteFuel-produced fuel to market by leveraging its business expertise.
For its part, WasteFuel has plans to develop several plants of the new fuel in different parts of the world in collaboration with strategic local partners, including waste management companies. Their first project is expected to be in Dubai, and they have other projects in the pipeline. BP and WasteFuel have signed a memorandum of understanding, whereby BP will purchase the biomethanol produced and they will work together to improve and optimize the production process.
This investment by BP Ventures represents an important milestone for WasteFuel as it will allow them to increase production and contribute to the decarbonisation of shipping. As part of its strategy to transition to an integrated energy company and its goal of achieving carbon neutrality, BP is investing in bioenergy and plans to deliver approximately 100,000 barrels per day of biofuels by 2030 .
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