Biofuels Market “Growing up to 2023”

International Energy Agency IEA predicts that renewable energy capacity will surge worldwide over the next five years. Renewable energy refers to the energy that can be supplemented by nature derived from the sun, geophysical, or biological sources.

The IEA reports that the report (Renewables 2018) issued on October 8, 2008, is becoming important in the biofuels industry, including plant biofuels and biogas, and has the potential for rapid growth in 2023 from now. The biofuels market is showing signs of rapid growth. He added that it is important to secure a safe and sustainable energy system with a strong recycling ratio standard in the development of biofuels.

Biofuels account for 50% of the world’s renewable energy. It is as big as the sum of hydro, wind, solar, and all other renewable energy. While bio-energy is leading the way, there is a good prospect for new growth.

According to another report, there is a possibility that surplus clean energy will be introduced up to 1.3TW by 2023, and there is a prediction that the use of fossil fuels will decrease and wind power and solar power will increase. Solar power capacity is expected to increase by 600 GW over a combined total of all other renewable energy technologies, reaching 1 TW by the forecast period. Despite recent policy changes, China says it will own 40 percent of the world’s photovoltaic capacity in 2023.

Of course, the report says that more important than technology is proper policy and market design, and that proper manufacturing methods and stringent regulations are essential to the full potential of renewable fuels. For more information, please click here .