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Green fuels set for starring port role
01 Sep 2007
Biofuels are all set to become the new buzzword of the 21st century and ports would be wise to keep a weather eye on developments. Currently accounting for just 1% of fuel used for global transport, the Worldwatch Institute estimates that biofuels could provide 37% of US transport fuel within the next 25 years, and up to 75% if automobile fuel economy doubles.
Meanwhile, biofuels could replace 20 of the oil used in European Union countries over the same time frame.
Brazil is the world's biofuel leader, with half of its sugar cane crop providing more than 40% of its non-diesel transport fuel, but the US is snapping at the heels of Brazil for that top slot.
Biodiesel is also set for “explosive growth” in the next ten years, according to William Thurmond, author of ‘Biodiesel 2020’ and director of Management Consulting at Emerging Markets Online.
“Although Europe currently represents 90% of global biodiesel consumption and production, the US is now ramping up production at a faster rate than Europe, and Brazil is expected to surpass US and European biodiesel production by the year 2015.
“If governments continue to aggressively pursue targets; enact investor-friendly tax incentives for production and blending; and help to promote research & development in new biodiesel feedstocks such as algae biodiesel, the prospects for biodiesel may become realised faster than anticipated.”
