Global biofuels market to grow by 12.3% a year until 2017
The global biofuels market is set to grow by an average of 12.3% a year between 2007 and 2017, according to a report by industry research specialists RNCOS.
Global ethanol and biodiesel production will grow at 6.04% and 5% a year respectively between 2008 and 2019.
In the near future, the increase in biofuel production will largely be driven by ethanol from Brazil and the US, which pledged to nearly double ethanol production by 2012. The European Community recently announced that biofuel will meet 10% of its transportation fuel needs by 2020.
As second-generation biofuels such as organic waste come online in the next few years, both the cost and the environmental footprint of biofuels will drop.
The production of biofuels from waste has a negative carbon footprint relative to sending the waste to landfill, since the methane produced from the decay of organic matter is a more powerful greenhouse gas than carbon dioxide.
Global ethanol and biodiesel production will grow at 6.04% and 5% a year respectively between 2008 and 2019.
In the near future, the increase in biofuel production will largely be driven by ethanol from Brazil and the US, which pledged to nearly double ethanol production by 2012. The European Community recently announced that biofuel will meet 10% of its transportation fuel needs by 2020.
As second-generation biofuels such as organic waste come online in the next few years, both the cost and the environmental footprint of biofuels will drop.
The production of biofuels from waste has a negative carbon footprint relative to sending the waste to landfill, since the methane produced from the decay of organic matter is a more powerful greenhouse gas than carbon dioxide.
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