A new initiative aims to accelerate the use of U.S. biofuels in the maritime sector. President and CEO of the Renewable Fuels Association Geoff Cooper tells Brownfield Ag News, “It is to make sure that we are engaging with our policymakers here in the U.S. to help raise their awareness about this opportunity, to help raise their awareness about some of these international programs that are developing.”
The American Biofuels Maritime Initiative is being co-chaired by the Renewable Fuels Association and the American Biogas Council.
The International Maritime Organization Net-Zero Framework was approved in principle this year, and Cooper says it has the potential to be adopted next October.
“As we look at what options they have available to them to do that, we think ethanol and biogas and certainly biodiesel, renewable diesel are very attractive options because they definitely lower carbon intensity, but they’re also broadly available around the world at a low cost,” he shares.
The framework is a set of international regulations meant to cut carbon emissions from oceangoing ships and create a global fuel standard and pricing mechanisms to help meet emission targets.
Cooper says the maritime sector could open the door to a nearly 80-billion-gallon biofuel market.
EDITOR’S TAKE:
If this initiative moves forward and biofuels are the preferred alternative, it will open massive new market potential for corn and soybean growers. It appears that this initiative is on track to be the next big market breakthrough for biofuels, which alone will boost the price of corn and soybeans at the farm gate. Be sure to keep your eye on this issue and we will as well.
This could very well be the stimulus necessary for the next boom in farm income. Be prepared by cultivating relationships with the corn and soybean producers in your area. Invite them in for a special event, such as a Ride & Drive in a new AGwagon®! Or what about a winter service special on their existing truck? Whatever you do to build trust and relationships will pay dividends down the road.
