U.S., China to launch aviation biofuels initiative

BEIJING (BestGrowthStock) – The United States and China will sign an agreement next week to help develop biofuels for China’s fast-growing airplane fleet, U.S. government and industry officials said.

David Wang, president of Boeing China, told Reuters the joint initiative would help the global aircraft industry meet its “objective of being carbon neutral in 2050”.

“In order to do that we have to begin now,” Wang said in an interview earlier this week.

Air travel now accounts for about 2 percent of global greenhouse gas emissions, and that share has been forecast to rise to 3 percent by 2030 without steps to curtail it.

The United States and China will announce the agreement at next week’s high-level U.S.-China Strategic and Economic Dialogue meeting, a U.S. official said.

The two sides will sign a memorandum of understanding to foster U.S. and Chinese company work on the project when U.S. Energy Secretary Steve Chu is in Beijing on Wednesday for U.S.-China energy cooperation talks.

The U.S. Trade and Development Agency will provide some funding to help organize a series of workshops, the U.S. official said.

Similar industries are being developed in the United States, the Middle East and other parts of the world to meet local jet fuel demand, Wang said.

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(Reporting by Doug Palmer; Editing by Jeremy Laurence)

U.S., China to launch aviation biofuels initiative