Study: Advanced biofuel market to reach $44.6B by 2021
This week’s news roundup features a new study reaffirming our need to rely on bioenergy to reduce carbon emissions globally, while another projects the advanced biofuel market to grow by nearly $45 billion in the next 5 years.
Study: Global advanced biofuel market will reach $44.6 billion by 2021
Technavio analysts forecast the global advanced biofuel market to grow to $44.6 billion by 2021, at a CAGR of close 44% over the forecast period, according to their latest report.
The study notes that increased R&D efforts are gradually paving the way for the large-scale commercialization of advanced biofuels. Biofuel blends are being used in regular vehicles with little or no modification to engines, which is encouraging the use of blended fuels in vehicles.
“Governments around the world are actively looking to increase the use of renewable energy sources, which is positively impacting the advanced biofuels market. Adopters of renewable energy are encouraged with incentives, grants, special loans and a tax credit, thereby driving the growth of the market,” says Ajay Adikari, a lead analyst at Technavio for specialty chemicals research.
Summer ethanol blending in US to increase 20,000 barrels/day
Gasoline prices in the U.S. are forecast to be higher this summer compared to last year, according to the U.S. Energy Information Administration’s Short-Term Energy and Summer Fuels Outlook. “Even though gasoline prices this summer are expected to be 10% higher than last year, U.S. highway travel and gasoline demand are expected to increase,” acting EIA administrator Howard Gruenspecht said in the report.
Fuel ethanol blending into gasoline this summer is projected to increase by almost 20,000 b/d from last summer’s level to 960,000 b/d, which is 10.1% of total gasoline consumption.
Price projections call for wholesale gasoline to average $1.72 in Q2 and Q3 of 2017, which would be up 8.7% from Q2 2016 and up 14.6% from Q3 a year ago, for an increase of 11.7% for the season. Retail gasoline prices, including taxes, are expected to average $2.46 for the 2017 season, up 10.4% for the same period a year ago.
Read more about the EIA projections at Ethanol Producer Magazine.
Researchers say global carbon emissions must reach zero by 2040
Humans must reduce net greenhouse gases emissions to zero “well before 2040” in order to ensure global warming does not go above 1.5° Celsius by the end of the century, scientists have warned after carrying out a study using a sophisticated new computer model.
Under the Paris Agreement on climate change, the world committed to prevent global warming from going above 2°C but also attempt to restrict it to as close as 1.5°C as possible amid mounting evidence that dangerous effects could kick in sooner than previously thought.
The new study, described in a paper in the journal Nature Communications, is one of the first to use the new FeliX computer model, which includes social and economic factors along with environmental ones.
In the Nature Communications paper, the researchers wrote: “Roughly speaking, and based on current technologies, energy sector emissions will need to peak within the next decade.”
Learn more about the study at the Independent.