Made available from today by Statoil, this new biofuel called Bio95 is a mixture of 95% gasoline and 5% biofuel. It is derived from wheat straw collected on Danish fields after harvest and produced by DONG Inbicon, the world’s biggest demonstration facility with enzyme technology from Novozymes.
Long promised and long awaited, this new biofuel holds a tremendous potential for society. If implemented on a large scale, it will create jobs and combat climate change, while radically improving Europe’s energy independence. But for citizens around the world to benefit from this breakthrough technology and environmentally friendly fuel, coherent and supportive policy frameworks are needed.
“Long a grand vision of the future, next-generation biofuel is now coming to market to fulfill its promises. The industry has delivered and we’re now sending a strong signal to policy-makers that their support for this exciting technology is required if all our citizens are to benefit from it,” says Steen Riisgaard, CEO of Novozymes.
Next-generation biofuel to spur economic growth
The advantages of next-generation biofuel are clear: According to a recent study by Bloomberg New Energy Finance, next-generation biofuel could create up to one million jobs in the EU27 over the next decade, most of them in rural areas where new employment opportunities are often rare while replacing up to 62% of the EU’s imported fossil gasoline with greener fuel. Next generation biofuels could reduce CO2 emissions from gasoline related road transport by 50% in 2020.
Paving the way for a profitable green technology
If more countries and citizens around the world are to benefit from this green technology, solid policy framework is needed to ensure that it is marketed in more countries. Specifically, in the EU there is a need for an ambitious 2020 mandate for next-generation biofuel, incentives for the collection of farming residues, as well as tax breaks for investments.