Biofuels expected to ride oil demand higher
A new global forecast of oil demand indicates growth for biofuels in the next decade.
Troy Bredenkamp with the Renewable Fuels Association tells Brownfield the report from the International Energy Agency suggests ethanol and biodiesel will provide 10 percent of new liquid fuel supplies by 2028.
“As both ethanol and renewable diesel, biodiesel drop their carbon intensity, there’s just opportunity after opportunity not only here but abroad.”
The IEA is forecasting global oil demand to go up by nearly 6 million barrels per day, with biofuel production expected to grow by 600,000 barrels per day.
Bredenkamp says while some might expect electric vehicles to take over the transportation sector, he thinks that growth will be slow.
“So there is going to be growth in the fossil fuel industry, and obviously biofuels as a part of that is going to play a pretty big role moving forward over the next decade or two for sure.”
The IEA report says the global energy crisis has heightened energy security concerns and accelerated the deployment of clean energy technologies like biofuels.