Bunge Limited (NYSE:BG) shares traded on Thursday. The company along with Repsol (OTC:REPYY) disclosed a significant advancement in Europe’s renewable energy sector.

The company introduced camelina and safflower, classified as intermediate novel crops, into the renewable fuel production process.

These crops will be converted into low-carbon oils, which will then be used to create hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF), offering an emissions reduction of up to 90% compared to conventional diesel.

Also Read: Agribusiness Company Bunge Misses Q2 Earnings Estimates, Warns Of Geopolitical Uncertainty

This initiative expands the range of sustainable feedstock options available and supports the development of low-emission fuels.

Repsol plans to use its cutting-edge industrial facilities in Spain to process these oils, paving the way for new, sustainable fuel production pathways in the region.

Julio Garros, Co-President, Agribusiness at Bunge said, ”Through industry collaborations, we are adding new oil sources to our global supply chains and investing in processing plants with greater ability to handle and process these crops, expanding our offerings of cost-effective, sustainable feedstocks to customers worldwide,”

Notably, Repsol and Bunge has earlier committed to advancing research and development efforts to expand the availability of low-carbon feedstocks.

This includes working closely with Spanish farmers to cultivate novel seed varieties, further enhancing the supply chain for advanced renewable fuels.

In April, Bunge said it has entered into definitive agreements to sell its North America dry corn and corn masa milling businesses to Grain Craft, an independent flour miller in the U.S.

Investors can gain exposure to the stock via Cohen & Steers ETF Trust Cohen & Steers Natural Resources Active ETF (NYSE:CSNR) and First Trust Cons. Staples AlphaDEX (NYSE:FXG).

Price Action: BG shares are up 0.96% at $80.59 at the last check on Thursday.

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