The Hindu Business Line : IEA sees big prospects for biofuels

WITH oil prices at over $50 a barrel, biofuels have received renewed attention and have led to a surge in new bio-energy activity in industrialised and developing countries.

A huge amount of investment is flowing into both production and development of biofuels technologies, according to a high-level biofuels seminar conducted by International Energy Agency (IEA).

The agency has shown interest in supporting cost-effective outcomes. In many southern countries, biofuel may be used for cooking and agricultural needs. However, use of biofuels, such as ethanol and biodiesel, in the transport sector of all countries can help reduce dependence on petroleum.

Many other factors are also seen driving greater biofuel production and use, including agriculture and trade reform, improving energy access to the rural poor, local and global environment challenges and new, more efficient conversion technologies.

Flexible fuel vehicles that are now entering the market in Brazil, the US and other regions permit the use of any mixture of ethanol and gasoline, empowering consumers with competitive options and reducing both the demand for oil and the economic and security risks associated with it, IEA said in a release.

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IEA sees big prospects for biofuels