Novozymes advocates advanced biofuels at World Economic Forum

Over 1,300 industry, government, and thought leaders are currently gathered in China to debate and define the course needed to relaunch growth. Novozymes brought an interesting topic to the meeting: advanced biofuels.

The Annual Meeting of New Champions 2009 ran from September 10 to 12 under the theme “Summer Davos in Asia: Relaunching Growth.” Chinese Premier Wen Jiabao delivered the keynote address at the Official Opening Ceremony.

Thomas Nagy, Executive Vice President, Novozymes A/S, emphasized during the debate China’s great potential to take the lead in renewable energy development. First of all, China has the potential to utilize advanced biofuels in the interests of: (1) energy security, where advanced biofuels can potentially replace 31 million tons of gasoline by 2020 and decrease China’s dependence on imported petroleum by 10%; (2) social responsibility, where advanced biofuels can create income of RMB 32 billion per year and result in 6 million job opportunities in China by 2020; (3) economic and trade balance, where Chinese players would be the major beneficiaries along the cellulosic value chain, giving rise to a domestic engineering and construction market worth RMB 96 billion, and global expansion; and (4) GHG reductions in transport, where the CO2 abatement potential of advanced biofuels could be approximately 90 million tons by 2020. In addition, advanced biofuels are economically favorable compared to other CO2 abatement technologies available in the transportation sector, and China has the potential to generate big cost savings from advanced biofuels.

Thomas Nagy attached great importance to Novozymes’ local biofuel collaboration with COFCO and Sinopec in China, and restated that Novozymes will continue building on its efforts in China’s local biofuel value chain.

Thomas Nagy, Executive Vice President, Novozymes A/S says: “With the shadow of the global financial crisis still lingering, the international community must not waver in its resolve or slacken its efforts to counter economic recession. Instead, regulatory regimes and government policies should strengthen the consensus and support for renewable energy and low-carbon policies, and pursue sustainable economic growth in the long run.”

For more information, please refer to Annual Meeting of the New Champions 2009.