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The Biofuels Market : Current Situation and Alternative Scenarios

Overview

The term biofuels is commonly used with reference to liquid transportation fuels-i.e.,
ethanol and biodiesel derived from agricultural, forest or any other organic material (feedstock).

Current global concerns about fossil fuel prices and availability, a renewed quest by many
countries for energy independence and widespread awareness of the need to reduce greenhouse gas (GHG) emissions have been the main reasons for many countries ? developed and developing alike ? to look for alternative energy sources. Biofuels have captured considerable attention because of the relative abundance of feedstocks in all regions, their easy utilization in combustion engines for transportation and compatibility with existing fuel distribution infrastructure and because they can provide a new end market for agricultural commodities, therefore revitalizing rural areas.

The first significant large-scale push for the production and use of biofuels occurred in
Brazil and the United States, as a response to the 1973 oil export embargo imposed by the Arab
members of OPEC (Organization of the Petroleum Exporting Countries) against Japan, the
United States and Western European countries. The export restriction resulted in a dramatic
increase of oil prices, from $3 to $12 per barrel.

The United States invested in biofuels as a way to address the fuel shortages induced by the
embargo and to reduce dependence on imported oil. Brazil’s objective was to reduce the pressure on its balance of payments due to the rising cost of fossil fuel imports. Although Brazil and the United States launched their ethanol programmes more than 30 years ago, only Brazil made it a priority to build upon the initial efforts and make ethanol a significant component of the domestic fuel supply.

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