Global push for sustainable fuels

The transport sector is being targeted in a new global initiative, below50, through promotion of best-of-breed sustainable fuels that will achieve significant carbon reductions.

below50 is a key outcome of the Low Carbon Technology Partnerships initiative (LCTPi). Any company that produces, uses and/or invests in fuels that are at least 50% less carbon intensive that conventional fossil fuels can join below50. Companies must publicly commit to the campaign, show evidence that supports their claim and disclose progress towards achieving this goal.

Twenty organisations have joined the newly formed coalition including Audi, DuPont and the International Energy Agency.

According to Peter Makker, president and CEO of World Business Council for Sustainable Development (WBCSD), “We’re on the cusp of a clean energy future. 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 organisations from around the world to help realise 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 increase the number of companies using below50 fuels and demonstrate that these fuels make both good business and environmental sense. The campaign will centralise resources and dialogue; produce a go-to resource for regulators and policymakers; create a marketplace for companies across the supply chain; and host regional road shows to engage financiers, policymakers and companies, as well as explore how to regionally scale sustainable fuel technology.

The companies that adapt and work to mitigate climate change will be the ones to thrive in the emerging low-carbon economy. A 2°C world requires deploying all the available technologies that substantially reduce greenhouse gas emissions, and with only 3% of current transportation fuels considered to be low-carbon, below50 offers an untapped market opportunity for businesses seeking to flourish in a low-carbon economy.

below50 is working closely with world-renowned sustainability standards to ensure that key sustainability parameters are integrated into the below50 admission criteria.

From investors to growers, producers, blenders and consumers, this initiative expects to attract every industry sector involved in the pipeline of sustainable fuels.