Australia’s Natural Fuel Ltd switches to glycerine focus as biodiesel losses mount

In Australia, Natural Fuel Limited said it would switch to high grade glycerine production, from biodiesel, after it was reported that the company recorded a $40 million loss for 2007. Natural Fuel’s CEO denied the report, saying the loss was smaller.

Australian biofuels advocates have called on the Federal Government to set national biofuel mandates in light of a pessimistic report on greenhouse gas emissions submitted by economist Ross Garnaut. The report said that Australia’s emission targets needed to be substantially increased to as much as 90 percent below 2000 levels by 2050.

The Australian federal government recently declined to change its 2050 greenhouse target despite a report from its top climate adviser calling for a cut of carbon emissions of 90 percent by 2050. Opposition senator Barnaby Joyce said that the proposed 90 percent reduction target would “require getting about 10 million Australians to go and live somewhere else, or reducing the average aspirations of the current population down towards the aspirations of the average person in Chad.” The ruling Labor Party supported a 60 percent cut in its recent election success.

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