Rapid Step towards the Net-zero Emissions to Revolutionized the Synthetic Fuel Market
At the Climate Change Conference (COP26), more than 120 countries set new objectives for reducing emissions by 2030. Governments representing over 70% of global carbon dioxide (CO2) emissions have pledged to achieve net zero emissions by 2050 or soon after that. According to SkyQuest's research insights, the use of synthetic fuel in energy-intensive industries, particularly transportation, will grow exponentially by 2050, with the top producers accounting for around 50% of the market. The Royal Air Force (RAF) of the United Kingdom intends to achieve net-zero emissions by 2040. It announced in 2021 that it would complete the world's first flight using synthetic fuel. This gasoline was created in partnership with a commercial partner, Zero Petroleum. Russia has already formed a collaboration to develop biofuel - Airbus, Gazprom Neft, and Aeroflot have formed the country's first association of SAF developers and producers. The first flight on such fuel is scheduled to take place in 2024. According to the European Commission, over 96% of European hydrogen is produced using natural gas, resulting in significant CO2 emissions. Some promising startups intend to deliver low-emission fuels to European businesses struggling with energy shortages and rising prices.