IEA: biofuel usage helps cut 2 million barrels of oil
The International Energy Agency (IEA) highlighted this information during a webinar which it hosted on June 9.
The IEA also revealed how Brazil, Indonesia and India were all accelerating biofuels deployment in the past year – helping to drive two-thirds of demand growth in emerging economies.
The international organisation also added that new policies in the US and within Europe were unlikely to drive additional growth until after 2024.
Jeremy Moorhouse, from the IEA who focused on the biofuels sector during the webinar, added that high prices remained a challenge but added that new supply chains could help bring these prices down in the future.
He said: “High biofuel prices, driven by still relatively high agricultural commodity prices, continue to challenge biofuels. Projects that rely on other feedstocks are expanding at an unprecedented rate in the medium term.”
The webinar was hosted by Paolo Frankl, the head of the renewable energy division at the International Energy Agency, and Heymi Bahar, the IEA’s senior analyst renewable energy markets and policy.
Other areas highlighted during the webinar included the solar energy and wind power sectors.