The move is a signal to the market of the increasing role of, and future potential for trading in renewable energy across regions
Singapore-based commodity trading group and business conglomerate – Wellbred – has announced the establishment of a new renewable energy desk. The official statement of Wellbred said that the purpose of the new renewable energy desk is to focus on renewable fuels, feedstocks, and processing logistics. The desk acknowledges the increasing share, and future for renewable fuels. The firm also has offices in Dubai, Geneva and Lagos.
Wellbred said that the new program will initially focus on the Scandinavian market. Norway and Sweden will remain the key focus. The company said that it intends to expand to supply feedstocks in Asia. Wellbred is in the early stages of marine bio bunkering and is participating in the race to waste on feedstocks, particularly in Asia.
The new renewable energy team of Wellbred will be based in Geneva.
The Ghazi Abualsaud (CEO) led Wellbred claims that it supports a carbon-neutral future and hence, sustainability and renewable energy are important aspects of the business of Wellbred. The trading house says that its looking for ways to play a role in the energy transition while reducing emissions in its operations.
“Wellbred is committed to contributing to and engaging with the Sustainable Development Goals (SDGs) and continues to seek opportunities to minimize its environmental impact in all areas of its business,” said the company statement.
Scandinavian countries look for absolute energy transition to renewable energy amidst drastic climate change and ongoing Russia-Ukraine conflict. Denmark presently relies more on wind power, Norway on hydropower and Sweden has its highest renewable energy share coming from bio-fuels. Scandinavian countries look to diversify the renewable stock as well.