Biofuel producer POET said last week that it anticipates half of its biofuel facilities will meet their climate targets ahead of schedule, according to Reuters.
POET, the world’s top ethanol producer and a member of the Biotechnology Innovation Organization (BIO), had declared that their biofuel will cut greenhouse gas emissions by at least 70% compared to gasoline by 2030. But on Thursday it was reported that the company plans will lower emissions even more than that, cutting them by 75% compared to gasoline.
Carbon capture partnership
POET announced last week that they are teaming with Navigator CO2 Ventures LLC to capture and store 5 million metric tons of POET’s carbon annually in 18 bioprocessing plants in Iowa, Nebraska, and South Dakota by 2025.
“We recognize that now is the time to take bold action to preserve our planet for future generations,” said Jeff Broin, POET Founder and CEO. “POET has been a leader in low-carbon biofuels and CO2 capture for commercial use for decades, and this project is another significant step in utilizing bioprocessing to accelerate our path to net-zero. We choose our partners carefully, and we believe Navigator has the expertise to deliver long-term value to rural America by further positioning agricultural commodities as a viable source of low-carbon liquid fuels to power our future.”
As Bio.News reported recently, alternative fuels are urgently needed, given the threat of disastrous climate consequences if fossil fuels continue to be the dominant energy source in the future. Furthermore, the United States is grappling with the ethical and economic ramifications of dependence on foreign oil.