Bio Fuels Bio Fuels to Replace Over 50 Percent of Gasoline Demand by 2030
Bio fuels have the potential to replace over 50 percent of the global demand for gasoline by 2030, a new report by Bloomberg New Energy Finance states. According to the analysts, around 8.9 million jobs could be created globally. Furthermore, only 17.5 percent of the agricultural residue would be needed to overcome the global economy's dependency on crude oil, the report believes.
Bio fuels could help to generate millions of jobs while significantly reducing the global economic footprint, says Bloomberg New Energy Finance. A corresponding report, named “Moving towards a next-generation ethanol economy” was presented at the World Economic Forum. The report, commissioned by bio innovation and industrial enzymes company Novozymes, estimates the socioeconomic prospects of deploying advanced bio fuels in eight of the highest agricultural-producing regions in the world, i.e. Argentina, Australia, Brazil, China, EU-27, India, Mexico and the USA.
“A huge global resource of agricultural residues can be harvested sustainably every year without altering current land use patterns and without interfering with the food chain," explains Steen Riisgaard, CEO of Novozymes.
Bio Fuels Could Save up To 54 Percent of the EU's Greenhouse Gas Emissions
"An estimated 17.5 percent of the agricultural residue produced could be available today as feedstock for advanced bio ethanol. With this amount, enough next generation fuels could be produced to replace over 50 percent of the forecasted 2030 gasoline demand. The world has a unique opportunity to develop a next-generation bio product industry based on agricultural residues by 2030.”
The report shows astonishing results that go far beyond the energy sector: Although each of the eight surveyed regions poses different challenges, bio fuels could help to diversify farmers’ income, generate revenues ranging from $1 trillion to $4.4 trillion between today and 2050 and create millions of jobs, Bloomberg states.
The report estimated that until 2030 around 945 million tons of agricultural residues per year could be available for the production of advanced bio fuels without altering current land use patterns. Thereby, up to 8.15 million jobs could be created worldwide, the report states. For Europe, Bloomberg estimates around 1.18 million new jobs in the EU-27 alone, while saving about 54 percent of the EU's greenhouse gas emissions.
Potential for 8.9 Million New Jobs Around the Globe
The potentials are even bigger for other regions: Advanced bio fuels could create up to 2.9 million jobs in China, 1.4 million jobs in the USA, and around 1 million in Brazil. The impact on climate change would also be reduced considering advanced bio fuels emit 80 percent less greenhouse gas than ethanol.
“At a time when we're all striving to create jobs to secure our economic future as well as finding a sustainable way to produce energy, this study shows the benefits of a transition towards sustainable biofuels and bio products based on agricultural residues," says Steen Riisgaard. "It also strongly signals that policy incentives will result in great payback to society." What is more: Bio fuels could break the world's dependency on oil producing countries...