Biofuels Contribute $272 Billion to Global Economy

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.