bp collaborates with WasteFuel over biofuel production

bp ventures committed $10 million (€9 million) in WasteFuel - a California-based biofuels company that will use proven, scalable technologies to convert bio-based municipal and agricultural waste into lower carbon fuels.
Globally, solid waste production totals about 2 billion metric tons annually and is expected to increase to 3.4 billion metric tons by 2050.
bp is working to establish supplies of lower carbon alternative fuels for the shipping sector and will look to use its trading expertise to bring WasteFuel’s bio-methanol to market.
WasteFuel plans to develop multiple bio-methanol plants around the world in collaboration with local strategic partners including waste companies.
WasteFuel expects its first project will be in Dubai and the company has a pipeline of additional projects to develop.
Gareth Burns, vice president of bp ventures, said: “WasteFuel projects will look to help with the growing volumes of global waste, whilst advancing the development of lower carbon solutions for hard-to-abate sectors.
“Achieving decarbonisation in shipping will require a step-change, and biofuels have a key role to play in helping the industry to decarbonize. We look forward to working together on WasteFuel’s next stage of growth and market development.”
Bioenergy is one of bp’s five transition growth engines, in which the company plans to invest heavily through this decade.
The transition growth engines – which also include convenience, electric vehicle charging, hydrogen and renewables and power – will help drive bp’s transition to an integrated energy company and delivery of the company’s net-zero ambition.