The government of Panama and energy companies, including SGP BioEnergy, plan to develop a major, advanced biorefinery to increase supply of lower-carbon aviation fuel, the companies said Wednesday.
The move comes as the airline industry seeks to achieve a goal of zero net carbon emissions by 2050 and as governments worldwide are pressing companies to increase clean energy investment.
Production will have to rise from an estimated 8 billion liters in 2025 to nearly 450 billion liters in 2050, according to an analysis from the International Air Transport Association. The Panama project has already secured a contract to procure feedstocks, said Randy Letang, chief executive of SGP BioEnergy, though he did not discuss further details.
"This site is focused on helping the global community principally from an aviation but also from a marine standpoint," Letang said in an interview with Reuters.
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