WasteFuel to Launch Bio-methanol Marine Fuel
Low-carbon biofuels developer WasteFuel announced the launch of WasteFuel Marine, a renewable fuel solution for the shipping sector. WasteFuel Marine’s initial product will be bio-methanol for container ships.
WasteFuel said it aims for its marine fuels to reduce CO2 emissions by 95% and nitrogen oxide emissions by up to 80% compared to conventional fuels.
“Methanol has exceptional appeal as a renewable fuel - it can use existing logistics infrastructure, works with proven engine designs and has a lower production cost relative to other renewable fuels. Our production process optimizes well established production methods to capture and use greenhouse gases found in our waste streams to produce a safe and highly versatile product to tackle the challenge of decarbonizing logistics,” said Mario De La Ossa, President of WasteFuel.
The International Maritime Organization (IMO) estimates that shipping accounts for about 3% of global greenhouse gas emissions. But given the current growth rates and a lack of substantial efforts to decarbonize the sector, researchers warn that shipping could well represent up to 10% of all global emissions by 2050.
More commitments at the country and corporate levels have been made over the last year to decarbonize shipping and international interest from the sector to decarbonize has multiplied. Decarbonizing sea transport requires low-carbon, greener fuel solutions at scale.
WasteFuel has recently closed an oversubscribed fundraising round. Investors in the company include Maersk, Marc Benioff’s TIME Ventures, i(x) investments, NetJets, Prime Infra, Guy Oseary, and Aileen Getty.