In 2010, the global biofuels industry contributed $277.3 billion to the world’s economy, produced 110 billion liters of fuel, and supported 1.4 million jobs. Production has doubled since 2005 and is up three-fold in the last decade.
Total biofuel production is expected to increase 66.2% from 2010 and 2020. US production is expected to increase by 27.1% in the same time period. Production in 2020 is forecast to be 196 liters supporting 2.2 million jobs worldwide.
Growth is being driven by:
- The demand for alternatives due to rising and vacillating crude oil prices,
- Business opportunities in farming;
- Climate change concerns; and to
- Increase agricultural production.
The Global Renewable Fuels Alliance and Cardno Entrix produced the report. Find the entire report here.