{"id":138132,"date":"2021-09-08T13:41:20","date_gmt":"2021-09-08T13:41:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138132"},"modified":"2021-09-08T13:41:20","modified_gmt":"2021-09-08T13:41:20","slug":"shipping-powerhouse-invests-in-californian-fuel-start-up-backed-by-warren-buffett","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/shipping-powerhouse-invests-in-californian-fuel-start-up-backed-by-warren-buffett\/","title":{"rendered":"Shipping powerhouse invests in Californian fuel start-up backed by Warren Buffett"},"content":{"rendered":"<ul>\n<li>In 2019, international shipping was responsible for approximately 2% of global energy-related CO2 emissions, according to the International Energy Agency.<\/li>\n<li>Morten Bo Christiansen, Maersk&#x27;s head of decarbonization, describes collaboration and partnerships as being &quot;key to scaling the production and distribution of sustainable fuels.&quot; <\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>BRK.A<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<li><span>MAERSK.B-DK<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Denmark&#x27;s Maersk has invested in WasteFuel, a California-based start-up centered around the conversion of agricultural and municipal waste into fuels, in order to &quot;develop green bio-methanol production in the Americas and Asia.&quot;<\/p>\n<p>In an announcement Wednesday, the world&#x27;s largest container shipping firm explained its investment would enable WasteFuel to develop biorefineries and &quot;produce sustainable fuels from unrecoverable waste that would otherwise degrade.&quot;<\/p>\n<p>The company&#x27;s investment is being made through its corporate venture arm, Maersk Growth. Its value was not disclosed in the announcement. Morten Bo Christiansen, Maersk&#x27;s head of decarbonization, is to join WasteFuel&#x27;s board as part of the deal.<\/p>\n<p>&quot;We know that sourcing an adequate amount of green fuel for our methanol fueled vessels will be very challenging, as it requires a significant production ramp up globally,&quot; he said.<\/p>\n<p>Collaboration and partnerships were &quot;key to scaling the production and distribution of sustainable fuels,&quot; Christiansen said.<\/p>\n<p>In February it was announced that private aviation firm NetJets, which is owned by Warren Buffett&#x27;s Berkshire Hathaway, had &quot;made a significant investment&quot; in WasteFuel.<\/p>\n<p>In a statement at the time, NetJets said it had made a commitment to buy a minimum of 100 million gallons of sustainable aviation fuel from WasteFuel across the next 10 years.<\/p>\n<p>The idea of repurposing waste for other uses is not a new one. Back in 2014, for example, a &quot;Bio-Bus&quot; powered by sewage, food waste and other commercial liquid wastes was used to transport passengers between Bristol Airport and the city of Bath, in southwest England.<\/p>\n<p>Elsewhere, Reading, a large town west of London, is home to a fleet of more than 58 bio-gas buses using biomethane from cattle slurry and food waste.<\/p>\n<p>The U.S. Department of Energy has described wastes as representing &quot;a significant and underutilized set of feedstocks for renewable fuel and product generation.&quot;<\/p>\n<h2>Read more about clean energy from CNBC Pro<\/h2>\n<p>Investment bank picks 7 &#x27;green hydrogen&#x27; and &#x27;blue hydrogen&#x27; winning stocks<\/p>\n<p>JPMorgan adds Sunrun to its top ideas list, says solar stock can soar 90%<\/p>\n<p>Fund manager &#x27;couldn&#x27;t be more bullish&#x27; on these three U.S. energy stocks<\/p>\n<p>The environmental footprint of shipping is significant. In 2019, international shipping \u2014 a crucial cog in the world&#x27;s economy \u2014 was responsible for approximately 2% of global energy-related CO2 emissions, according to the International Energy Agency. \u00a0<\/p>\n<p>With major economies around the world attempting to cut emissions in order to meet net-zero targets, the shipping sector will need to find new ways of\u00a0cutting the emissions\u00a0of its operations.<\/p>\n<p>Methanol appears to be crucial to Maersk&#x27;s plans going forward. Last month, the company said it had secured a supply of &quot;green&quot; e-methanol for what it described as &quot;the world&#x27;s first container vessel operating on carbon neutral fuel.&quot;<\/p>\n<p>August also saw Maersk announce it was ordering eight large, ocean-going vessels able to run on what it called &quot;carbon neutral methanol.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/09\/08\/shipping-firm-invests-in-californian-start-up-backed-by-warren-buffett.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2019, international shipping was responsible for<\/p>\n","protected":false},"author":3,"featured_media":138131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shipping powerhouse invests in Californian fuel start-up backed by Warren Buffett - 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