Major Oil Companies are Investing in Biofuels, According to BCC Research Report

As worldwide concern for the environmental impact of traditional fuel grows, global players in the oil industry are investing in biofuels with new-zero carbon emissions.

BOSTON, Oct. 26, 2023 /PRNewswire/ -- 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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