Under increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up investments in the biofuels sector. Major players such as BP, Chevron, Shell, TotalEnergies, ExxonMobil and Eni are incorporating biofuels into their broader energy transition strategies, recognizing the growing global demand for sustainable fuel sources. According to Rystad Energy’s research, these six oil majors have announced a total of 43 biofuel projects that are either already operational or are targeted to start up by 2030. While investments span various biofuel products, including biodiesel and ethanol, the focus is clearly on hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF), which are expected to make up nearly 90% of the projected biofuel production.
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