Photo: Sustainable Biofuels in Latin America
The Inter-American Development Bank (IDB) announced today the approval of a regional cooperation to help public and private institutions develop a sustainable biojet fuels industry employing different kinds of local organic feedstock.
This initiative will fund consultancy services, knowledge development, dissemination material and workshops on the sustainable use and production of biojet fuels, with the goal of demonstrating their feasibility for the local aviation sector, and for potential exports.
The IDB is partnering with the aviation industry stakeholders that are leading the development of alternative aviation fuels, such as the International Civil Aviation Organization, the Commercial Aviation Alternative Fuels Initiative, and the World Economic Forum, individual airlines, aircraft manufacturers and biofuel technology providers. These institutions and companies are working together on regulations and targets for carbon emissions reductions with the goal of displacing as much as 50 percent of jet fuel worldwide by alternative sources by 2050.
The IDB project will make it possible to explore and develop technologies that will produce feasible substitutes to traditional fuels in the aviation sector.
This would enable Latin America and the Caribbean (LAC) to play a lead role in the supply of a competitive value-added product (as it already does with ethanol and biodiesel), while contributing to local economic development and generating quality jobs.