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The growing economic impact of renewable fuels

A new study from the Global Renewable Fuels Alliance says biofuels contributed $277.3 billion to the global economy in 2010. Alliance spokesperson Bliss Baker says global biofuel production totaled 110 billion liters (29.1 billion gallons) and supported 1.4 million jobs in 2010. The United States, Brazil and European Union are the largest producers of biofuels.

By 2020 the industry is projected to produce 196 billion liters (51.7 billion gallons) of fuel and support over 2.2 million jobs. GRFA says much of that growth will come from Africa and Asia as developing nations seek to grow wealth and prosperity while reducing dependence on imported oil.