Global energy companies invest in low-emission fuels manufacturing

British energy company bp recently announced that it will invest 10 million USD in biofuels startup WasteFuel, while also collaborating with the same company in order to improve the manufacturing process of bio-methanol. This should help the two experts in decarbonizing marine transport.

As per ESG Today, WasteFuel is a California-based startup which uses scalable technologies in order to convert both agricultural and municipal waste into low-emission fuels, such as green methanol. WasteFuel engineers also make use of landfill gas and biogas, among other sources, to make green methanol, meaning that the company's prime mater is diverse.

Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel, said that "this investment from bp ventures is a significant milestone for WasteFuel as it will help scale the production of bio-methanol to decarbonize the shipping sector. As companies who are reliant on shipping work to reduce their greenhouse gas emissions, it is essential that we dramatically expand the availability of these fuels."

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WasteFuel officials said that the investment will be used to expand the production of low-emission fuels with the help of new facilities, one of which will be located in Dubai. With a 3% share of the world's carbon footprint, the shipping industry can make use of lower-emission fuels, such as bio methanol, which are said to have a much lower footprint on the environment.

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