US, Canada, India will Make up 80% of Global Expansion of Biofuel Use: IEA

A study titled “Analysis and Forecast to 2027” has been released by the IEA (International Energy Agency). The IEA’s main analysis of the industry, Renewables 2022, is based on recent changes in market conditions and policy. It projects the adoption of renewable energy technologies for electricity, transportation, and heating through 2027 while also examining the major issues facing the sector and identifying roadblocks to quicker expansion.

The current global energy crisis presents renewable energy with both fresh opportunities and new obstacles. Analysis of the new regulations put in place in response to the energy crisis is provided in Renewables 2022. The study for this year frames current policy and market dynamics while contextualising the recent increase in energy prices and problems with energy security.

In addition to its thorough market analysis and forecasts, Renewables 2022 also looks at significant industry developments and trends, such as the European Union’s recently proposed more ambitious renewable energy targets, the problem of windfall profits, the diversification of solar PV manufacturing, renewable hydrogen production capacity, and a potential feedstock shortage in the biofuels industry and workable solutions to avoid it.

The report makes interesting observations such as India may encourage investment in solar manufacturing as USD 25 billion over 2022 to 2027. It also notes that even though China is the frontrunner in global manufacturing capacity today, it could slide from a 90 per cent to 75 per cent by 2027.

What’s more, the US, Canada and India would claim 80 per cent of the anticipated global expansion in the use of biofuels, which will increase by 22 per cent in the period between 2022 to 2027.