Biofuel usage expands despite rising costs
Global biofuel demand in 2022 is expected to be 6% or 900 million litres higher than the previous year, according to the International Energy Agency (IEA). Overall, total global biofuel demand is projected to increase by 20% over the period 2022-2027, according to the main forecast.
This will be driven primarily by the United States, Canada, Brazil, Indonesia and India, which will account for 80% of the global increase in biofuel use, as all five countries have comprehensive policy packages to support growth.
In Europe, volume growth will fail to materialise due to falling demand for transport fuels and political course-setting.