The EU recently initiated a 20-point action plan to increase the adoption of biomass power generation in heating, electricity and transportation applications.
The EU Commission expects its action plan to increase the use of biomass to about 150Mtoe (million tons of oil equivalent) by 2010, effecting a 209 million tonnes per year reduction in carbon dioxide equivalent emissions.
Meanwhile, electrical generation through co-firing – mixing biomass with coal – is on the rise.
Naturally occurring elements available in wood have been shown to neutralise mercury emissions in coal-fired power generation in initial testing, with the US Government’s Energy Information Agency saying the switch to co-firing "has virtually no cost to retrofit", does not require expensive scrubbers and "reduces energy costs".
Green Energy Resources (formerly known as New York International Log & Lumber) is one of the few US biomass fuel suppliers to have already achieved compliance with the European Union’s environmental sourcing and procurement requirements, through its Urban Tree Certification System (UTCS).
The company says the UTCS process it has developed is compliant with international standards for ‘green certificates’ or ‘renewable energy certificates’.
Using UTCS, Green Energy Resources is able to provide tracking documentation that shows its biomass fuel products are sourced from approved salvage operations such as urban park maintenance, golf course maintenance, highway & road maintenance, storm damage, landfills and other urban wood waste streams.
Green Energy Resources cited a recent report from international renewable energy analysts McIlvaine that indicated the global market for renewable energy would grow by 70% over the next three years, while an estimated 80 new biomass power plants were scheduled to come on line by 2012.
Green Energy Resources, currently traded as a Nasdaq over-the-counter stock (Nasdaq OTC PK: GRGR), claims its preparation for competitive businesses in the EU, combined with the EU Commission biomass action plan, will see the company achieve profitability within the next 12 months, with a secure supply of wood fibre fuel suitable for export to US co-firing plants and the EU biomass plant markets.
Green Energy Resources has announced it intends to list on the London Stock Exchange this year, although it will continue to be based in New York. The company intends to offer its US investors a stock dividend in advance of the IPO.
The company is working with an international accounting firm to achieve full Sarbanes-Oxley compliance by 2007.
