Global Advanced Renewable Fuels Market Seen Soaring 7.42% Growth to Reach USD 483 Million by 2030, Projects Univdatos Market Insights

According to a new report by Univdatos Market Insights, Global Advanced Renewable Fuels Market, is expected to reach USD 483 Million in 2030 by growing at a CAGR of 7.42%. Environmental, Social, and Governance (ESG) considerations are increasingly being recognized as a crucial part of sustainable business practices worldwide. The corporate world is realizing the importance of Advanced Renewable Fuelsand is increasingly integrating it into its business strategies. China, as one of the fastest-growing economies in the world, is no exception to this trend. Several factors, such as climate change, increasing CO2 emissions, rising regulatory guidelines, and initiatives by the Chinese government toward promoting sustainability and ESG practices are surging the demand for Advanced Renewable Fuels.

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The report suggests that the Rising awareness about the use of renewables is one of the major factors driving the Global Advanced Renewable Fuels Market during the forthcoming years. A net-zero economy refers to an economy where there are no net emissions of greenhouse gases (GHG) into the atmosphere. This means that the amount of GHG emissions released into the atmosphere is balanced by an equivalent amount of GHG removals from the atmosphere, either through natural or artificial means. To achieve net zero economy. The government is adopting strategic alliances with sustainable consulting firms to provide a roadmap and time-to-time evaluation of the plans. According to the data from the International Energy Agency, India’s emissions today stand at 3.6 GtCO₂ annually which is expected to grow to 7.3 GtCO2, overtaking China and US to become the largest emitter. Thus, over the next few years, Global market will play a critical role in global decarbonization and hence will drive the demand for the Global Advanced Renewable Fuels market over the forecast period.

Fig1: CO2 Emission in India (GtCO2), 2016 – 2021

Apart from this, Renewable energy sources such as solar, wind, and hydroelectric power are becoming more accessible and affordable, leading to a surge in the production of renewable energy. To store and transmit this energy, advanced renewable fuels are being developed to replace traditional fossil fuels and also positively impact the market’s growth. A wide range of investments have adopted strategic alliances in this area, thus suggesting huge potential in this area. Some of the recent strategic alliances are:

• In July 2023, Indian Oil Corporation Limited (IOCL) and Praj Industries Limited (Praj)signed a term sheet to boost the advanced biofuels production capacity in India.
• In February 2023, Portugal’s largest producer of biofuels, PRIO, announced the launch of a new ECO Bunkers B30 biofuel following successful trials involving Norwegian Cruise Lines Holdings vessels.

Energy and Resources Sector Gaining Maximum Traction in Market

India is one of the world’s largest consumers of coal, which is a major contributor to greenhouse gas emissions. As a rapidly developing country with a large population, India has significant energy needs that must be met in a sustainable way. In recent years, there has been a growing focus on sustainability in India’s energy and resource segment. For instance, the Indian government has set ambitious targets for renewable energy, with a goal of generating 450 GW of renewable energy by 2030. This includes 280 GW from solar, 140 GW from wind, and 10 GW from bioenergy. In addition to these government initiatives, several energy and power companies are also taking increased participation to create a suitable environment for them, thus driving the growth of the segment in the forthcoming years. For instance,

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• In February 2022, Vedanta entered into an exclusive agreement with TERI to accelerate its Environmental, social, and governance (ESG) goals. Vedanta plans to invest around Rs 200 crore (USD 24.31 million) over the 5-10 years on research and development, and sustainability initiatives to promote and build a sustainable ecosystem.
• In February 2022, Tata Consultancy Services introduced new suits of sustainability TCS Clever Energy, Intelligent Power Plant (IP2) and TCS Envirozone on Microsoft’s Azure IoT platform to help organizations gain insights into energy usage and reduce waste and emissions to accelerate towards their net-zero goals.
  

Conclusion

Global Advanced Renewable Fuels market has been growing rapidly over the past few years. The market has been driven by increasing awareness of sustainability issues among businesses, investors, and regulators and the growing recognition of the link between sustainability and financial performance. The Global Advanced Renewable Fuels market is highly fragmented, with many small and medium-sized players competing for business. Several top-notch companies in the market include ConocoPhillips; Cargill, Incorporated; Exxon Mobil Corporation; DuPont; amongst others. The major areas of focus for Advanced Renewable Fuels firms include climate change, renewable energy, water management, waste management, and social and governance issues. The demand for sustainability reporting and disclosure services is also increasing, as more companies are adopting Advanced Renewable Fuels reporting frameworks and guidelines. Overall, the global advanced renewable fuels market is expected to continue to grow in the coming years, driven by the increasing focus on sustainability by businesses, investors, and regulators.