A global initiative called below50 that aims to scale up the development and use of low-carbon fuels launched today with 20-plus organizations and global brands including Audi, DuPont, DSM, Joule, LanzaTech, Novozymes and Yale University.
Only 3 percent of current transportation fuels are considered low-carbon by the International Energy Agency.
The below50 organizations say this offers an untapped market opportunity for businesses to help grow a global corporate market for sustainable low-carbon transport fuels.
Any company that produces, uses and/or invests in fuels that are at least 50 percent less carbon intensive than conventional fossil fuels can join below50. Companies must publicly commit to the campaign, show evidence that supports their claim, and disclose their progress towards achieving this goal.
The initiative was launched today at the Low Carbon Technology Partnerships initiative global roundtable in San Francisco. Other companies and organizations involved include ABBI, Arizona State University, CGEE, Copersucar, GranBio, the International Energy Agency, SkyNRG, LCFC, Pannonia, Poet, Red Rock Biofuels, Roundtable for Sustainable Biomaterials, Sustainable Energy for All and World Business Council for Sustainable Development (WBCSD).
“We’re on the cusp of a clean energy future,” WBCSD CEO Peter Bakker said in a statement. “Below50 is accelerating that shift by scaling up the global market for sustainable fuels — it’s a huge growth opportunity that is expected to reach $185 billion over the next five years. Below50 brings together companies and organizations from around the world to help realize the ambition set in Paris at COP21, and in doing so, to unlock the economic benefits of the new low-carbon economy.”
The collaboration is designed to demonstrate that these fuels make both good business and environmental sense, the organizers say. It will do this by centralizing resources and dialogue, producing a go-to resource for regulators and policymakers, creating a marketplace for companies across the supply chain and hosting regional road shows to engage financers, policymakers and companies, as well as explore how to regionally scale sustainable fuel technology.
In other efforts to drive low-carbon commercial fleets, last month the Business for Social Responsibility’s Future of Fuels initiative launched a free tool to help corporate fleet owners reduce fleet emissions, determine which alternative fuels and efficiency technologies make the most business and climate sense, and improve the sustainability of their long-haul trucks.
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