(MENAFN- GlobeNewsWire - Nasdaq) Fort Collins, Colorado, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Helsinki, Finland, recently held the 13th Annual Lignofuels conference on February 7th and 8th, hosted by Active Communications International (ACI). On the backdrop of the strategic importance of Lignofuels at the global level, the event witnessed participants from all over the globe and discussed key points such as technology and innovative developments, biofuels legislations, assorted feedstock, identifying the market gaps and opportunities in the biofuels industry, lignofuels in aviation, automotive, and marine industries.
Lignofuels are popular in the oil & gas, agriculture, and feedstock industry. For marine and aerospace, biofuels offer reliance on low-carbon emissions and are suitable as an alternative to fossil fuels. It is an abundantly available biomass derived from the plant's dry matter. Chemically, it comprises two carbohydrate polymers, cellulose and hemicellulose, and lignin, which has aromatic features. Therefore, all these elements together constitute Lignocellulosic biomass. This is further classified into waste biomass , energy crops, and virgin biomass.
Lignocellulosic biomass and eco-sustainability
Strategic Collaborations and Biofuel Developments from 2023:
As lignofuels have low carbon content and are plentiful available at the earth's surface, they absorb essential minerals that contribute back to the natural ecosystem. From a consumption perspective, lignofuels are perceived as a diversified renewable energy source that reduces dependence on fossil fuels and enhances geopolitical stability. This also lowers the dependence on oil imports and reduces the associated environmental hazards.
Origin Materials Strategic Partnered with Proman- According to news published by Indian Chemical News in August 2023, Origin Materials, a leading carbon-negative materials company, partnered with Proman to produce low-carbon biofuels. This agreement has led both parties to explore and distribute low-carbon biofuels. Origin officials have expressed a huge interest in the biofuel market, which is fast-growing and heading towards decarbonization. Proman is a leading name across construction, engineering, and procurement, focusing on sustainability. This collaboration will drive the use of biomass-derived fuels in the coming years and reduce carbon emissions to a large extent.
Petrobras and MIC Capital Partners collaborate on the biofuels study- MIC capital partners and Petrobras have signed a MoU to study downstream segment projects from Petrobras with a major impetus on biorefining. (MIC Capital is a multi-strategy equity investment fund of Mubadala Capital Group). The Mubadala Capital Group has focused on developing renewable and sustainable jet fuel under an integrated biorefinery project in Bahia, Brazil. The four-year strategic plan (2024−2028) would strengthen Brazil's position in the renewable fuels sector at national and international levels. Moreover, this initiative diversifies Petrobras's portfolio and highlights their move towards reducing greenhouse gas emissions.
The Global Biofuels Alliance to Receive A Huge Political Reception- The Global Biofuels Alliance was organized in Goa in July 2023. The event received a huge reception from G20 countries and beyond. Sideline to this event, the Energy Transitions Ministerial Meeting was organized as a standalone consultation event highlighting Fuels for Future (3F) as a key area. As a part of the alliance, political delegates from Argentina, Canada, Italy, Mauritius, Paraguay, Kenya, Seychelles, the U.S., Uganda, and UAE made their presence. Besides, the heads from International organizations such as International Civil Aviation, Biofuture Platform, International Energy Agency, International Energy Forum, International Renewable Energy Agency, World Biogas Association, World Economic Forum, and World Bank also attended the event. This signifies a giant step towards developing biofuels under a multi-stakeholder alliance.
Lignofuels in Aviation, Automotive, and Marine Industries:
The aviation industry has been a huge consumer of fossil fuels. The emergence of biofuel can reduce operational costs and increase reliance. For instance, bio-jet fuels can meet the aviation industry's desired standards as they can be mixed with conventional jet fuel without additional modifications.
Petrol, gasoline, and diesel have been crucial to the transportation industry as the fleet mainly relies on their consumption. Biobutanol and Bioethanol blend with petrol and reduce carbon emissions. Moreover, these offer similar chemical properties to petrol and diesel and can be used as drop-in biofuel to enforce a seamless transition to renewable transportation fuels.
For marine applications, renewable diesel emerges as a significant alternative to petrol. Besides, the IMO (International Maritime Organization) has incorporated regulations that lessen sulfur emissions. Lignofuels offer a high capability to meet these regulations by providing renewable low-sulfur alternatives. Bio-LNG offers marine with lower emissions of sulfur and nitrogen oxides.
Identifying the Market Gaps and Opportunities in the Biofuels Industry:
Despite the promising future, biofuel production plants face supply-chain and logistical challenges. For instance, developing a cost-effective and sustainable feedstock might create supply challenges. From a technological aspect, biofuel production processes can encounter conversion challenges that might be responsible for lowering process efficiency. Also, limited market acceptance and consumer awareness are still prevalent in major countries.
However, with the increasing government support and initiatives towards developing and deploying biofuels, there are several opportunities for the production of lignofuels through incentives, supportive policies, tax credits, and grants for research and development.
For companies willing to invest in biofuel production, there are potential investment opportunities for investors willing to spend on the construction and commercialization of biofuel plant production. Also, public-private partnerships can lessen the risk associated with the logistics. Exploring unchartered markets, promoting biofuel benefits, and developing sustainable applications for bio-products and lignofuels can spark growth opportunities.
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