Biofuels Market To Triple By 2020 and Create 800,000 New Jobs
Friday, August 28th, 2009This article is from The Green Economy Post.
“The excitement surrounding the biofuels market opportunity has been tempered somewhat by its many challenges, which include ethical questions of food versus fuel, limited availability of inexpensive feedstocks, petroleum price volatility, overcapacity of production and the global recession. However, a two recent reports from both Pike Research and Bio Economic Research Associates forecast that, despite these significant challenges, the combined biodiesel and ethanol markets will reach $247 billion in sales by 2020, up from just $76 billion in 2010. Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012, 383,000 in 2016, and 807,000 by 2022.
“‘In the near term, the biofuels market looks like a train wreck,’ says managing director Clint Wheelock. ‘The economics of ethanol and biodiesel are not yet competitive with petro fuels, and governments have pulled back some of their support. However, in the 10 to 15 year timeframe, the outlook remains very positive. The long-term commitment of national governments to foster robust biofuels markets remains solid, and technological advances and economies of scale will dramatically improve the economics of biofuels versus petroleum.’”
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