Industry News
The biofuel industry is becoming increasingly popular globally
Canada approves biofuel production facility construction projects
In December 2023, the government of Alberta, Canada announced that it had approved an investment of $1.2 billion to build a low-carbon emission biofuel production facility in southeastern Calgary. This project is called the Future Energy Park and is expected to be put into operation in 2026, which can double the amount of renewable natural gas (RNG) supplied to the Canadian grid. The Future Energy Park will convert non food grade waste into renewable natural gas and transport it through natural gas pipelines.
The Future Energy Park covers an area of 21 hectares and is expected to create 800 job opportunities during the two-year construction phase. It can generate $50 million in annual revenue for Calgary and $150 million in revenue for wheat producers.
Although this is a huge progress, it only accounts for less than 1% of Canada's natural gas production, and Canada still heavily relies on fossil fuels. This is mainly due to the high construction and operation costs of biofuel production facilities. At present, the production cost of natural gas is $2.2-3 per million British thermal units, but the production cost of renewable natural gas is $22 per million British thermal units. However, with the development of new and more efficient technologies, increasing investment in large-scale production of biofuels may help lower biofuel prices.
The United States announces funding for local biofuel development plans
Earlier in 2023, the United States announced a plan to fund the development of domestic biofuels. US Department of Agriculture Secretary Tom Vilsack announced that the Inflation Reduction Act will provide $500 million in funding to increase domestic biofuel production capacity.
Vilsack said, "The Inflation Reduction Act will help increase clean energy capacity, reduce energy costs for the American people, and establish an economic model that benefits working families and small businesses. By increasing biofuel supply capacity, we are improving energy independence, providing new market opportunities and sources of income for American producers, and bringing high paying jobs and other economic benefits to rural and farm areas." Data shows that the Inflation Reduction Act provided $50 million for the development of 59 infrastructure projects in 2022.
Supported by climate policies, some private companies in the United States are rapidly increasing their biofuel production capacity. SGP Bioenergy will build the Golden City Biorefinery in Cologne, Panama. Once put into operation, 180000 barrels of renewable fuel will be produced daily, and 405000 tons of green hydrogen will be produced annually.
The development of biofuels in the European Union requires a shift in mindset
At the same time, although the European biofuel industry is vigorously developing, the EU's approach to clean fuels has been widely criticized. Although the recently revised Renewable Energy Directive highly supports biofuels such as renewable ethanol, other EU legislation largely overlooks the strategic importance of such fuels. Critics suggest that the EU needs to shift its mindset towards biofuels and encourage investment in the development of large-scale commercial facilities.
The recent sustainability report of the European Commission on biofuels shows that in 2021, biofuels produced from organic waste such as agriculture and forestry accounted for 59% of Europe's renewable energy consumption. According to the REPowerEU plan of the European Commission, most member states have reported measures related to biogas aimed at accelerating biogas production and reducing dependence on fossil fuels.
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