Analytical study of opportunities for Next Generation Biofuels Market

Authors

  • Sumeet Gupta Dr. Sumeet Gupta Associate Professor Head- Center for Infrastructure & Project Finance, Research and Development Centre College of Management and Economic Studies UNIVERSITY OF PETROLEUM & ENERGY STUDIES Energy Acres ,P.O Bidholi Via - Prem Nagar Dehradun -248007 (Uttarakhand) Ph: 0135- 2776091,2776093,2776095, 2102690, 91, 2694257, 201, 203 Extn: 201, Fax : 0135 - 2694204 Mobile : +91 7895617071,9536220716,9319899684 Email : sumeetgupta@ddn.upes.ac.in, sumeetbgh2007@gmail.com
  • Abhilash Chaudhary
  • Pranjal Srivastava Student, School of Business, University of Petroleum and Energy Studies, Dehradun, India,

Keywords:

COP 21 SDG, Bio Fuel

Abstract

The emergence of better science around the issue of land use change associated with the production and usage of biofuels cast doubt on the use of first-generation biofuels, made from edible agricultural feedstocks, as a tool to reduce greenhouse gases (GHG) emissions. While many countries sought to enter the international biofuels market, and draw on the latest technology to move away from crop based biofuels and into cellulosic and algae-based advanced fuels. By 2015, liquid biofuels had become commonly traded commodities worldwide. The impetus behind biofuels was partially due to novel drivers such as green jobs and the interest in the decarbonization of specific sectors of the economy such as transport, but also to provide countries dependent on oil imports with an alternative to enhance their energy security and create new export opportunities.

In 2015, countries made commitments toward a more environmentally balanced future through the Sustainable Development Goals (SDGs), and now seek to expand policies for low-carbon development after the agreement reached in Paris at COP21. The year also marked a milestone in the bioeconomy, as the point in time when the production of second-generation biofuels (2G) finally took off at commercial scale. Developing countries now face a new set of market opportunities and policy dilemmas to enhance their usage of biomass, which can now be transformed into more valuable products. Developing countries interested in engaging in advanced biofuel markets for the attainment of the SDGs, and as an instrument to meet their commitments under COP21. By carrying out a non-exhaustive mapping of cellulosic ethanol projects and recent policy lessons around the globe.

Next generation biofuels made from non-edible feedstocks, put forward a promising response to the food versus fuel debate. Nevertheless, process improvements have been a key factor in decreasing costs for the industry and allowing market expansion. Historically, the United States of America (US) has had the largest installed capacity for cellulosic ethanol production of deployed second-generation biofuel facilities, followed by China, Canada, European Union (EU) and Brazil, respectively. Projects in these countries vary significantly in their technological approaches and feedstocks used for fuel production, including the use of corn stover, sugarcane bagasse, municipal solid waste, and forestry residues, among others. One common trait is that companies that possess technology and knowledge in the European Union and the United States engage in partnerships to deploy advanced ethanol facilities abroad, for example, the Fuyiang project, which is a cooperation between Italy-based Beta Renewables and Guozhen Group in China.

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Published

27.09.2022

How to Cite

Gupta, S., Abhilash Chaudhary and Srivastava, P. . (2022) “Analytical study of opportunities for Next Generation Biofuels Market”, Journal of Global Economy, 18(3), pp. 222–233. Available at: http://www.rcssindia.org/jge/index.php/jge/article/view/654 (Accessed: 1 December 2022).

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