Biodiesel market set up to soar
Clean Fuels Alliance America says demand for biodiesel is ratcheting up because of corporate pressure.
Scott Fenwick says clean energy market growth is going from being government led to led by the largest corporate shippers.
“Amazon, Google, Microsoft, Walmart… they’ve got their own sustainability and decarbonization goals and they’re demanding their shipping companies implement similar goals,” Fenwick said.
He said global shipping companies, like Maersk and Stolt, setting these goals means they’re working to use 100 percent biofuels and biodiesel in their ships, planes and long-haul trucks.
“We’re talking about 60 to 70 billion gallon markets for biodiesel and renewable diesel to play in,” he said. “And then, when I say that, it means significant market opportunities for soybeans and soybean farmers.”
CFAA says it expects 15 billion gallons of yearly biodiesel use by 2050. Fenwick made his comments on a Missouri Soybean Association webinar Thursday.