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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: Shell has halted construction of its massive biofuels plant in Rotterdam, intended to convert waste into jet fuel and biodiesel, just weeks before its planned operational start
🔭 The context: The project, approved in 2021, faced suspension to manage costs amid deteriorating biofuels market conditions influenced by Chinese imports, affecting the broader industry
🌍 Why it matters for the planet: Biofuels are seen as more sustainable compared to fossil fuels, potentially reducing CO2 emissions by 2.8 million tonnes annually—equivalent to taking a million cars off the road
⏭️ What's next: Shell will conduct an impairment review and update the project's status in its quarterly results in July, indicating a reassessment of the most commercially viable path forward
💬 One quote: "Temporarily pausing onsite construction now will allow us to assess the most commercial way forward for the project," stated Huibert Vigeveno, Shell’s downstream, renewables, and energy solutions director
📈 One stat: The Rotterdam plant was designed to produce 820,000 tonnes of biofuels annually
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