The Biofuture Campaign will play a key role in mobilizing the necessary private sector engagement under the BfPI.
The mission of the Biofuture Campaign is to enable the reduction of GHG emissions and foster a circular economy by showcasing pathways by which countries, companies, and consumers can substitute sustainable bio- and waste-based Fuels, Chemicals, and Materials for their fossil equivalents. Efforts in hard-to-abate sectors of the economy, such as aviation, construction, maritime, mining, and road transport, will be strongly promoted in close cooperation and partnership with the private sector.
To foster ambition and catalyze action, the Biofuture Campaign will develop and implement the Bio-based Substitution Challenge, whose signatories aspire to substitute bio- and waste-based Fuels, Chemicals, and Materials for 10% of their fossil carbon equivalent in relevant sectors and products by 2030, relative to a 2019 baseline.
A concerted effort is required to accelerate the development and deployment of bio- and waste-based FCMs globally. Investments in this area are not growing quickly enough, and deployment suffers from a number of barriers, including early-stage scale challenges, financial risks, oil and feedstock price volatility and policy uncertainty. International and regional partnerships are needed to assist decision-makers identify policy mechanisms, de-risking tools, and modes of investment that are tailored to local resources.
The Biofuture Campaign will leverage its connections to the broader CEM community to highlight and illustrate the contributions that bio- and waste-based FCMs can make to the growing number of Net Zero (Carbon Emissions) campaigns, commitments, and pledges.
The Biofuture Campaign will seek to strengthen Biofuture Platform Initiative (BFPI) workstreams by providing a mechanism to create vibrant, engaged communities with Industry and NGO partners to work jointly on increasing and/or improving:
- Bioeconomy policy ambition,
- Feedstock availability & sustainability governance, and
- Sustainable & Climate Finance participation in the bioeconomy.