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Assessment of Green Methanol Production Potential and Related Economic and Environmental Benefits: The Case of China

Author

Listed:
  • Oleg Bazaluk

    (Belt and Road Initiative Centre for Chinese-European studies, Guangdong University of Petrochemical Technology, Maoming 525000, China)

  • Valerii Havrysh

    (Department of Tractors and Agricultural Machinery, Operating and Maintenance, Mykolayiv National Agrarian University, 54020 Mykolaiv, Ukraine)

  • Vitalii Nitsenko

    (SCIRE Foundation, 00867 Warsaw, Poland)

  • Tomas Baležentis

    (Division of Farms and Enterprises Economics, Lithuanian Institute of Agrarian Economics, 03220 Vilnius, Lithuania)

  • Dalia Streimikiene

    (Division of Farms and Enterprises Economics, Lithuanian Institute of Agrarian Economics, 03220 Vilnius, Lithuania)

  • Elena A. Tarkhanova

    (Department of Economics and Finance, University of Tyumen, 625003 Tyumen, Russian)

Abstract

Adopting a new paradigm for social development implies a transition to a circular economy. The above requires the reduction of greenhouse gas emissions, the utilization of wastes, and the use of renewable energy sources. The most promising way is the use of methanol for industrial and transport applications. China is experiencing a boom in methanol production and its use in almost every sector of the economy. The purpose of this study was to reveal economic benefits, carbon dioxide emissions and the potential production of green methanol. Fuel price history, energy costs and fuel economy were used for economic assessment. Life cycle analysis to evaluate carbon dioxide emissions was applied. It was revealed that only the use of green methanol as a fuel results in decreases in well-to-wheel CO 2 emissions compared to fossil fuels. The potential methanol production by using recycled waste and wind power was determined. Its annual production can range from 6.83 to 32.43 million tones. On this basis, a gradual transition to a circular and methanol economy is possible. Policymakers are recommended to support green methanol production in China. It can result in boosting the application of vehicles fueled by methanol and can control CO 2 emissions.

Suggested Citation

  • Oleg Bazaluk & Valerii Havrysh & Vitalii Nitsenko & Tomas Baležentis & Dalia Streimikiene & Elena A. Tarkhanova, 2020. "Assessment of Green Methanol Production Potential and Related Economic and Environmental Benefits: The Case of China," Energies, MDPI, vol. 13(12), pages 1-25, June.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:12:p:3113-:d:372278
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