Growth of biofuels sector: Opportunities, challenges, and outlook

Abstract

The demand for biofuels is increasing due to the uncertainties in the supply of fossil fuels, increased pollution hazards, rural economic growth, and the necessity to control carbon emissions. It is important to seek an alternate fuel resource to curb the carbon emissions. The transition from fossil fuel refineries to sustainable biorefinery can be clearly noticed in the present era. The dependency on food-based crops, which leads to the food versus fuel issue, has been addressed with the search for alternative and sustainable nonfood feedstocks such as lignocellulosic biomass. Until date, the methodology to unlock the full potential of lignocellulosic biomass is still in infancy. The migration from food-based biofuel feedstocks to lignocellulosic feedstocks and other organic wastes needs technological innovation and policies that could provide financial support. The detailed analysis on the risk factors associated with technological innovation in the biofuels sector is relatively less, which is the main objective of this chapter.