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

Click for more news covering the latest on oil & gas