BP Ventures has invested $10 million in WasteFuel, a California-based biofuels company that aims to develop a global network of plants to convert municipal and agricultural waste into bio-methanol. The investment will enable WasteFuel to develop its first waste-to-bio-methanol plant in the UAE. The two companies have also signed a memorandum of understanding for bp to offtake the produced bio-methanol and collaborate on improving bio-methanol production yields and economics. Bio-methanol has the potential to play a significant role in decarbonizing hard-to-abate sectors like shipping, which is responsible for 3% of global greenhouse gas emissions. WasteFuel plans to develop multiple bio-methanol plants globally in collaboration with local strategic partners.
Resource: https://esgnews.com/bp-invests-10-million-in-wastefuel-to-produce-low-carbon-fuels/