The biofuels industry contributed $277.3 billion to the global economy in 2010 according to a new report commissioned by the Global Renewable Fuels Alliance. “Contribution of Biofuels to the Global Economy” done in partnership with the global economic research company, Cardno Entrix, outlines the economic footprint of the biofuels industry that is continuing to grow at a strong pace.
“This latest report clearly shows that the biofuels industry is having a tremendous impact on the global economy,” said Bliss Baker, spokesperson for the Global Renewable Fuels Alliance.
According to the GRFA, global biofuel production produced 110 billion litres in 2010 and supported nearly 1.4 million jobs in all sectors of the global economy. The amount of ethanol produced globally has doubled since 2005 and increased three-fold in the last decade. By 2020 the global biofuel industry is forecasted to grow to produce over 196 billion litres and support over 2.2 million jobs in all sectors of the global economy.
“It is promising to see the global biofuels industry growing during these difficult economic times,” said Baker. “The global biofuels industry is a bright spot in the current world economy and is contributing billions of dollars to output and creating hundreds of thousands of jobs all while reducing our reliance on crude oil,” added Baker.
As the global biofuels industry grows, so will the number of countries who produce biofuels. Today’s largest players like the United States, Brazil and European Union will continue to lead in production but will not be able to satisfy global demand alone. According to the GRFA the most significant future growth in ethanol production will come from developing nations 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 Baker.
“This report demonstrates that our industry has come a long way in the past decade and the future prospects for growth remain extremely positive,” concluded Mr. Baker.