Biofuel production in the US exceeded forecasts by 40%

According to the US Environmental Protection Agency (EPA), in 2023 the production of biofuel in the country increased to 4 billion gallons or 15.14 billion liters, which significantly exceeded forecasts, - reports The Western Producer.

In June 2023, the EPA released the Renewable Fuel Standards (RFS) for 2023, 2024, and 2025. They call for production of 2.82 billion gallons or 10.67 billion liters in 2023, 3.04 billion gallons or 11.5 billion liters in 2024 and 3.35 billion gallons or 12.68 billion liters in 2025.

The 2023 plan called for an increase of only 60 million gallons, or 227 million liters, compared to 2022, while it actually increased by 3.785 billion liters.

"The biofuel industry has achieved an impossible result, according to the Environmental Protection Agency," said Kurt Kovarik, vice president of the Clean Fuel Alliance.

He believes the U.S. is in a precarious situation for biofuel companies and soybean and canola processors, which produce raw materials for the industry. The US soybean industry should grow by 35% and receive an economic effect of $6 billion. In addition, Kovarik doubts that the ERA will revise its plans for 2024 and 2025, although demand for biofuels from India, Indonesia and Brazil will increase.

According to the forecast of the International Energy Agency, the consumption of aviation biofuel (SAF) will grow by almost 5 billion liters by 2028 and will make up 1% of the global aviation fuel market.