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Biofuels having multibillion-dollar impact on global economy

The biofuels industry added more than $277 billion to the global economy in 2010. A new study reports the industry will continue to climb, with biofuel production estimated to rise to 52 billion gallons by 2020.

 

 

The biofuels industry contributed $277.3 billion to the global economy in 2010, says a new report commissioned by the Global Renewable Fuels Alliance (GRFA). The study, conducted by Cardno Entrix, found that 110 billion liters (29 billion gallons) of biofuels were produced around the world in 2010, supporting nearly 1.4 million jobs in all sectors of the global economy.

 

The study also revealed that global ethanol production has doubled since 2005. GRFA estimates that by 2020, the global biofuel industry will produce more than 196 billion liters (nearly 52 billion gallons) and support more than 2.2 million jobs in all economic sectors.

 

The U.S., Brazil and the EU will continue to be the top producers but will be unable to satisfy global demand alone, the GRFA says. The organization adds that the most significant future growth in ethanol production will come from developing countries in Asia and Africa.

 

“A growing biofuels industry in developing nations who import the bulk of their energy needs will bring wealth, jobs and prosperity while reducing their reliance on crude oil,” said Bliss Baker, spokesman for the GRFA.  

 

To read a copy of the report, visit http://www.globalrenewablefuel.org/Global_Economic_Impact_of_Biofuels_FINAL.pdf.

 

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