Banle Energy International, a subsidiary of CBL International Limited, has completed its first B24 biofuel bunkering operation in Hong Kong.
The company completed the biofuel bunkering operation in partnership with ASB Biodiesel and Seven Seas Oil on 14 July.
This initiative is said to support Bale Energy’s efforts towards the 2023 IMO Greenhouse Gas Strategy, which was adopted at the Marine Environment Protection Committee (MEPC 80) in early July.
The strategy sets ambitious targets for the shipping industry to reduce the total annual greenhouse gas (GHG) emissions from international shipping by at least 20% and 70%, with a goal of achieving 30% and 80% by 2030 and 2040 respectively, compared to 2008 levels.
In line with our direction focusing on ESG, we are committed to promoting biofuel, an ESG-related product, in an effort to reduce GHG emissions, Banle Energy said.
Teck Lim Chia , Chief Executive Officer and Chairman of Banle Energy, explained: “B24 biofuel bunkering operation in Hong Kong is a significant step forward for our contribution to environmental sustainability and for the shipping industry’s efforts to reduce carbon emissions. This sets the stage for the Hong Kong bunkering industry to use biofuels as a means to play its part in decarbonization.”
Biofuels are being promoted as one of the low-carbon alternatives to the existing fossil oils as it is believed they could help reduce GHG emissions and the related climate change impact from the shipping industry.
In its recent whitepaper, classification society DNV noted that the current global production capacity of sustainable biofuels is around 11 million tonnes of oil equivalent (Mtoe) per year, predicting that a sustainable and economically viable supply of biofuels, ranging from 500 to 1300 Mtoe annually, can be achieved by 2050.
However, to fully decarbonise shipping using biofuels, in combination with energy efficiency measures, DNV said that an annual supply of 250 Mtoe of sustainable biofuels is required by 2050. This would represent 20-50% of potential global production.
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