There is a growing traction for biofuels, with the global ethanol market valued at $99.06 billion in 2022 and predicted to grow at a CAGR of 5.1% to reach $162.12 billion by 2032 .
The Global Biofuel Alliance
- The Global Biofuel Alliance launched at the G20 Summit in India in 2023.
- The GBA’s focus is on speeding up biofuel adoption, creating new biofuels, setting internationally recognized standards and codes, identifying global best practices, and ensuring industry participation to have quantifiable outputs.
- It brings together 19 countries and 12 international organizations – including the World Economic Forum, the World Bank and the Asian Development Bank – to try to expand the use of sustainable biofuels.
- GBA founders USA (52%), Brazil (30%) and India (3%) con tribute 85% to ethanol production and make up 81% of consumption.
- Within a short period, a total of 12 international organizations have also agreed to join the GBA. These include eight countries of the G20 grouping – USA, Brazil, India, South Africa, Argentina, Italy, Canada and Japan. The other countries include the UAE, Singapore, Sri Lanka, Bangladesh, Mauritius, Philippines, Paraguay, Guyana, Iceland, Uganda, Finland, Kenya, Tanzania and Seychelles.
Biofuels
● First generation biofuels are produced from sugar, starch, corn, wheat and broken rice, among others.
● 2G or second-generation biofuels are produced from various types of non-food biomass, such as plant materials and animal waste.
● 3G biofuel is produced from microorganisms such as bacteria and algae.