Outlook 2024: Prime factors around global biofuel growth

Biofuels are addressing the energy trilemma through sustainability and security, but affordability remains a challenge

Global biofuel consumption is expected to rise by 20% from 2022-27, according to the IEA earlier in 2023. Several reasons are expected to be responsible for this increase, including regional demand, climate change and energy security concerns. The US, Canada, Brazil, Indonesia and India are expected to comprise 80% of the global expansion of biofuel demand. While the US is the clear leader in biofuel facility development, with upcoming projects such as California’s 800m gal/y Rodeo Renewed project, the country appears to not be building any new oil refineries domestically for the foreseeable future. Renewable diesel and sustainable aviation fuel (SAF) are expected to see their growth in adva