The International Energy Agency (IEA) anticipates a noteworthy transition towards renewable energy, projecting a 30% upswing in global biofuel demand over the next five years, resulting in an additional 38 billion litres by 2028. The notable surge is primarily propelled by emerging economies such as Brazil, Indonesia, and India, as detailed in the IEA report.
The overall biofuel demand is poised to escalate by 23%, reaching 200 billion litres by 2028, with renewable diesel and ethanol contributing significantly to two-thirds of this growth. The remaining share comprises biodiesel and biojet fuel. The upswing is predominantly attributed to robust biofuel policies, an escalating demand for transport fuel, and considerable feedstock potential within these emerging economies.
The IEA emphasizes that in an accelerated scenario, where current policies are fortified and biofuel demand extends into new markets, the growth in demand could nearly triple. Renewable diesel and biojet fuel consumption are projected to expand by 18 billion liters during the forecast period, with the United States and Europe jointly constituting almost 80% of this augmentation.
As reported by ETEnergyworld.com, the notable transformation in the global biofuel market underscores the evolving dynamics of energy consumption and the escalating significance of renewable energy sources in the pursuit of sustainable and ecologically friendly alternatives to conventional fossil fuels.
