NEW YORK, Oct. 14, 2020 /PRNewswire/ -- The North American west coast spent much of the Summer and early Fall covered in a thick blanket of gray smoke caused by record-breaking wildfires in California, Oregon, and Washington State, highlighting the impact of climate change. Global carbon emissions reached 33 gigatonnes in 2019 according to the International Energy Agency. As the effects of these emissions become impossible to ignore, governments around the world are mandating low carbon energy solutions. The European Union has pledged to reduce its carbon emissions by 40 percent by 2030, and in the United States, momentum is growing behind the Green New Deal. These goals are generating demand for low-carbon solutions such as renewable natural gas (RNG). Companies like Greenlane Renewables Inc. (TSXV: GRN) have pioneered the technology and in recent years, energy giants like BP (NYSE: BP), Enbridge (TSX: ENB) (NYSE: ENB), Chevron (NYSE: CVX), and Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) have made major investments in the clean energy sector.
Greenlane Renewables Provides a Low Carbon Solution
Greenlane Renewables Inc. (TSXV: GRN) is a market leader in upgrading low-grade biogas to high-value, sustainable RNG. RNG is pipeline-quality natural gas that is produced from organic waste material such as food waste or manure. RNG can be used interchangeably with conventional natural gas, meaning that it can be used for any application where conventional natural gas is used and can be transported the same way. Any vehicle designed to run on natural gas can run on RNG. Because RNG is produced using waste materials that would otherwise still break down, use of this fuel significantly reduces the carbon intensity and in some cases may even be carbon negative. RNG helps to reduce the build-up of materials that would otherwise be lying in landfills, while also reducing the need for carbon-intensive traditional natural gas.
Greenlane Renewables is focused on using RNG to decarbonize commercial transportation and the natural gas grid. The company provides biogas upgrading systems that remove impurities and separate carbon dioxide from biomethane in raw biogas. The end result of Greenlane's systems is a clean RNG that is ready for pipeline injection, liquefaction, or direct use as a vehicle fuel. Greenlane leads the global RNG industry in supplied capacity, with more than 100 installations in 18 countries. The company supplies major end-users like Enbridge and Fortis.
So far in 2020, Greenlane has signed on for more than $38 million in new contracts. In late June, the company signed a $20.6 million contract to supply biogas upgrading equipment to a dairy farm cluster in California. The company just signed a $7.7 million contract with Brightmark in Florida and, in July, announced a $2.4 million contract to supply upgrading equipment to customers in the Brazilian market.
Energy Giants Invest in Renewable Natural Gas
In 2018, BP (NYSE: BP) announced that the company had entered into an agreement with Clean Energy Fuels Corp. to secure an increased supply of RNG. The agreement was part of BP's efforts to add to its capacity to supply RNG as global demand for sustainable energy rises.
Chevron (NYSE: CVX) announced in July that the company would also be partnering with Clean Energy Fuels Corp on an Adopt-a-Port initiative. Through this program, Chevron will be providing funding to truck operators serving the ports of Los Angeles and Long Beach for the purchase of new RNG-powered trucks. Plus, Chevron just announced a joint venture with RNG project developer Brightmark, to own projects across the United States to produce and market dairy RNG.
Canadian energy transportation company Enbridge (TSX: ENB) is in the process of pivoting to natural gas and other renewable energy sources. The company already offers services to municipalities looking to develop RNG infrastructure, and partners with agricultural businesses to create new sources of raw waste materials with which to create RNG.
In 2017, Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) announced that the company would be increasing its investments in renewable energy to $1 billion per year by the end of the decade. Unfortunately, as of January of this year, the company seems to have missed this target by a considerable margin. Still, the oil giant has spent an estimated $2 billion on renewable energy projects, including on RNG.
Investment in carbon-neutral, renewable energy is becoming increasingly important. As the effects of global climate change become impossible to ignore, companies like Greenlane Renewables Inc. are leading the way to a more sustainable global energy landscape.
For more information about Greenlane Renewables Inc. click here.
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