Cathay Pacific Airways announced Thursday that it has invested in Fulcrum BioEnergy, Inc. , a U.S.- based sustainable biofuel developer, as part of the airline's biofuel strategy and to help it achieve a target of carbon-neutral growth from 2020.
"These fuels are an important component of our sustainable development strategy, under which we aim to achieve carbon-neutral growth from 2020," said Cathay Pacific Chief Executive Ivan Chu.
Cathay Pacific has also negotiated a long-term supply agreement with Fulcrum for an initial 375 million U.S. gallons of sustainable aviation fuel over 10 years, which represents an annual basis approximately 2 percent of the airline's current fuel consumption.
The airline said it is the first airline investor in Fulcrum with a strategic equity investment in the biofuel developer and it also has an option for further investment. But the airline did not disclose the price and the percentage of equity.
Fulcrum plans to commence construction of its first commercial plant later this year and to build large scale, waste-to-renewable jet fuel plants at multiple locations, including locations strategic to the Cathay Pacific network, primarily in North America.
Fulcrum BioEnergy, Inc. President and Chief Executive Officer Jim Macias said jet fuel produced by Fulcrum's waste-to-fuels process will reduce lifecycle carbon emissions when used in aircraft or road transport by more than 80 percent, compared to traditional fuels derived from crude oil and other fossil sources.
He said this process also reduces the amount of municipal solid waste going into landfill sites and the methane gas emissions that result from this. If not captured, methane gas is 21 times more potent than carbon dioxide as a global warming contributor.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor