The goal – A fossil free future
Our investment is an important contribution towards the target of a future without fossil fuels. The Paris Agreement defines clear targets for the transition from fossil to renewable fuels. In Norway, the current mandate for biofuels blending into road transportation fuels is 24.5 percent. Given the current requirement and ambitions to further increase the mandate towards 2030, a substantial market has been created.
Domestic production of advanced biofuels is currently very limited. To meet the biofuel mandate, fuel providers are relying heavily on imported products. This market situation is what Biozin Holding AS has identified as a considerable opportunity. By using new and innovative technology, combined with well-established project plans and production facilities located near the raw material source, we believe the preconditions for attractive projects are met.
EU – a solid biofuels market
The EU Renewables Directive of 2020 required 10 percent of energy use in the transport sector to come from renewable sources. As an EEA member state, Norway is incorporated in the directive, which acts as a stimulant also for our local market. Despite electrical power from solar, wind, and hydro sources representing part of the solution, the EU’s transport sector constitutes a considerable and growing market for manufacturers of second-generation biofuels in Norway.
The green transition and circular economy are expressions that define the future and the path toward achieving ambitious climate targets. Renewable fuels will be a significant contributor to this path.