IEA’s Latest Renewable Energy Outlook Highlights Continuing Demand Growth for Conventional Biofuels
(TORONTO) Today, Bliss Baker, the President of the Global Renewable Fuels Alliance (GRFA), reacted to the latest IEA’s medium-term outlook on renewable energy by noting that once again projections are anticipating continued increased growth in demand for conventional biofuels.
“The IEA’s latest outlook clearly shows the key role that biofuels are playing in efforts to decarbonize the global transport sector” Baker said. “As the only cost-effective and commercially available alternative to crude oil currently available, the significant contributions that biofuels make in reducing GHG emissions from the global transport sector each year will continue to grow.”
In spite of increased sales of electric vehicles (EVs) in recent years, the IEA’s latest outlook projects that they will continue to account for less than 7% of all renewable energy in global road transport by 2022. Over this same period the IEA is projecting that biofuels are expected to represent more than 90% of total renewable energy consumption in road transport, and for total global production of conventional biofuels to grow by an average of 2.6% annually from 2017.
The IEA’s outlook also included an “accelerated case” forecast for biofuels growth potential that estimates that global biofuel production could increase a further 12%, to 178 billion liters by 2022.
“This latest forecast demonstrates the enormous outstanding growth potential for biofuels in the global transport sector” Baker said. “Previous projections have outlined how biofuel production could rise to 165,000 million litres by 2030 if the US, Canada and Europe adopted a common E15 blending standard. This latest accelerated case forecast by the IEA demonstrates how growing demand for biofuels driven by developing economies could realistically drive these projections much higher in a much shorter timeframe” he concluded.
The Global Renewable Fuels Alliance is a non-profit organization dedicated to promoting biofuel friendly policies internationally. Alliance members represent over 90% of global biofuels productions. Through the development of new technologies and best practices, Alliance members are committed to producing renewable fuels with the smallest possible footprint.
For more information please contact:
Bliss Baker, President, Global Renewable Fuels Alliance
Telephone: (Country Code “1”) 647 309-0058
Please visit our website at: www.globalrfa.org