GENA Solutions: Total renewable and low-carbon methanol project pipeline rises from 34.1 to 35.4 Mt by 2030

The Methanol Institute recently shared with Manifold Times the renewable and low-carbon methanol project pipeline July 2024 database release produced by Finland-based GENA Solutions Oy (Green Energy Analytics).

Information from the release is meant to provide the bunkering publication’s readers with insight on renewable methanol availability, and to assist the maritime industry in the adoption of methanol as a mainstream marine fuel heading into IMO 2030/2050.

Key highlights of the July 2024 release are as follows:

•   The renewable methanol project pipeline increased from 26.0 Mt in June to 27.2 Mt in July (+1.2 Mt). The total renewable and low-carbon methanol project pipeline increased from 34.1 to 35.4 Mt.
•   As of July 2024, GENA tracks 102 e-methanol plants and projects with total capacity of 16.5 Mt (+0.7 Mt), 68 biomethanol plants and projects with total capacity of 10.7 Mt (+0.4 Mt), and 13 low-carbon methanol plants and projects with total capacity of 8.1 Mt (+0.05 Mt).
•   The renewable methanol project pipeline is growing rapidly. Over the last 5 months, about 1.5 Mt of new e-methanol and biomethanol projects have been added globally each month. From February to July 2024, the renewable methanol project pipeline increased by 7.4 Mt (+38%). Compared to January 2023, it has more than tripled (8.3 Mt vs. 27.2 Mt).
•   Six renewable methanol projects and one low-carbon methanol project were added in the July release: three in Europe, three in China, and 1 in North America.
•   About 15% of the biomethanol project pipeline, 4% of e-methanol and 5% of low-carbon methanol have reached FID or already operational. 
•   Considering barriers and challenges in project development, renewable methanol capacity will likely be in the range of 7-15 Mt by 2030 (26-55% of the project pipeline).

Photo credits: GENA Solutions
Published: 2 August, 2024