Our 7.4 year mission, to boldly go where no biotech has gone before: 3 Bioeconomy must-reads
Reports from the EIA, IRENA and Lux Research give key pointers for current trends and a look at “how long does it take to stand up a technology?”
This week, we’ve had three reports appear on the newswires that are a good idea to download, order or otherwise get a hold of and ponder. The US Energy Information Administration updated it’s short-term energy outlook, the International Renewable Energy Agency put out a report on the rise in global renewable energy targets, and Lux Research put out a note and a download regarding the time-to-market for synbio start-ups.
The EIA short-term outlook
The STEO, as it’s known in the trade, had a few surprises on the oil front, and leaders in biofuels have been obsessing over oil prices for quite some time. Here are the headlines from EIA Administrator Adam Sieminski:
Global oil supply is forecast to continue to exceed demand through the end of next year, boosting global oil inventories. U.S. oil production since mid-2014 has been more resilient to lower crude prices than many had expected, as reflected in modest upward revisions in fourth quarter 2014 and first quarter 2015 data. Despite the large decline in crude oil prices since June 2014, this May’s estimated oil output in the United States is the highest for any month since 1972, but production still is expected to decline in the second half of this year.”
Even with slower oil production growth, U.S. net oil imports in 2016 are expected to meet the smallest share of domestic petroleum and other liquid fuels demand since 1969.”
At the same time, “The United States will likely produce and import more biomass-based diesel fuel over the next two years if newly proposed federal renewable fuel standard targets are issued as final rules,” and gasoline demand is up ““Despite increases in vehicle fuel efficiency” and “because more people are working and gasoline prices are low.” U.S. monthly average pump prices are expected to decline from their May level through the rest of this year.”
Meanwhile, “U.S. natural gas production is expected to reach a record in July,” and “retail electricity prices will be up in most areas of the country.”
The full STEO can be viewed here.
International Renewable Energy Targets
Renewable Energy targets have quadrupled globally since 2005, a new IRENA report is finding. The International Renewable Energy Agency finds that 164 countries have adopted at least one type of renewable energy target, up from just 43 countries in 2005. Two more countries, Canada and the United Arab Emirates, have set renewable energy targets at the sub-national level.
The major growth is among developing nations, the agency said, noting that “Developing and emerging economies are leading the adoption of targets, accounting for 131 of the 164 countries with renewable energy targets.”
The majority of countries focus on the electricity sector – 150 countries have renewable electricity targets – but commitments in other sectors are also on the rise. The number of countries setting targets for the heating/cooling sector increased from two countries in 2005 to 47 today. Similarly, renewable transport targets have more than doubled from 27 countries in 2005 to 59 today.”
“Renewable energy targets have emerged as a popular mechanism to set national and regional economies on the path towards a more secure and sustainable energy future,” said IRENA Director-General Adnan Z. Amin. “They provide an important signal to the industry and can help to align stakeholders by creating a clearer, common vision for the development of the energy sector.”
“Governments are increasingly adopting renewable energy targets to meet multiple objectives including energy security, environmental sustainability and socio-economic benefits,” said Mr. Amin. “The rapid growth of targets is just one more signal of the world’s ongoing shift towards renewable energy and away from fossil fuels.”
Our 7.4 year mission, to boldly go where no biotech has gone before
Synthetic biology companies need 7.4 years from start-up through to launch of first product, says Lux Research in a new report, with the Lux analysts projecting that the “current crop of young synbio companies suggests most are likely to launch first products between 2017 and 2022, with a peak occurring between 2019 and 2020.”
“While each company’s approach is unique, the lessons learned from the first wave of bio-based materials and chemicals scale-ups and product launches provide valuable insights and lessons,” said Julia Allen, Lux Research Analyst and lead author of the report titled, “Synthetic Biology: Applications and Lessons Learned in the Field of Bio-based Materials and Chemicals.”
Category: Top Stories
