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BrownfieldAgNews reports:
Jefferson City, MO — A renewable energy company says the expanded use of biodiesel and biomethane in the maritime industry could be a game changer for the ag industry.
Ben Kruger, senior vice president with Roeslein Renewables says the market could grow to 25 million metric tons by 2030. “It’s possible it could create demand that is as much as $5 to $10 billion of revenues for rural economies for fuel.”
Next week, the International Maritime Organization will be voting to finalize its Net-Zero Framework, requiring large ocean-going vessels to cut greenhouse gas emissions starting in 2027. Kruger says BioLNG, a fuel produced from manure, crop residue and food wase, and biodiesel have shown to decrease GHG emissions.
He says the opportunity could not come at a better time to help improve the financial situation for ag producers. “You could have a market that is as big or bigger than the current amount of soybeans that our country had been exporting to China. It’s enough to cover the gap that we have from China choosing to take its demand to Brazil.”
Kruger tells Brownfield “On top of that, I think the demand could not only as big as that gap, but it could create demand that is as much as 2 to 3 times the entire Iowa soybean crop for biodiesel.”
He says production could begin to ramp up in 2027. In news release, the company says if the framework is finalized markets could generate $100 to $200 billion in new farm revenue by 2050.
