Tuesday, 11 October 2011

Virgin Atlantic outline plan to use 'green fuels'

Sir Richard Branson has today promised to introduce a more environmentally friendly fuel within the next two to three years. The Virgin boss announced the move which is being developed on conjunction with LanzaTech which is behind the low-carbon aviation fuel.

The advanced technology involves using waste gases from industrial steel production being captured and converted using technology supplied by Swedish Biofuels who convert it into jet fuel. The environmentally friendly element comes from using the gases which would otherwise be burned into the atmosphere as carbon dioxide.

Virgin hope to be using the technology within two to three years on its routes from Shanghai and Delhi to Heathrow as the development facilities are based in China and India.

At the launch event today Sir Richard Branson said: "We were the first commercial airline to test a biofuel flight and we continue to lead the airline industry as the pioneer of sustainable aviation.This partnership to produce a next generation, low-carbon aviation fuel is a major step towards radically reducing our carbon footprint, and we are excited about the savings that this technology could help us achieve. With oil running out, it is important that new fuel solutions are sustainable and, with the steel industry alone able to deliver over 15bn gallons of jet fuel annually, the potential is very exciting. This new technology is scalable, sustainable and can be commercially produced at a cost comparable to conventional jet fuel."

Are you a shareholder in this new company Sir Richard?