Transformative Innovations and Economic Parameters for use of Biofuels with Sustainable Marketing for Growth

Abstract

In this paper, we have analyzed the different market mechanisms and policies from last decades for making bio fuels an alternative to fossil fuels. All bio fuels needs some trade off to be called “green” or “environment friendly”. Research has been done to study the different claims about the role of biofuels in development of economies to reduction of poverty. But counterclaims are made by other researchers and calling biofuels a ‘Pandora’s box’ and questioning, large scale production of biofuels feasibility to countering fossil fuels. This paper examines the scope of biofuels from many aspects like: rural job creation, food and energy security, saving foreign exchange and economic diversification. But sill there are concerns how their usage can be effective in reducing green house gases and improving agricultural productivity. We study how biofuels can be stated as sustainable energy source, technically feasible, economically affordable, and globally viable from social and environmental contexts. Policies are to be made that reflect the multi-dimensional benefits of biofuels and it’s by products. It will help this infant industry to become competitive against petroleum-derived fuels and products. Basically biofuels has to create value for society in supply chain, from producers, suppliers, farmers, countries, regional bodies to end consumers. In short biofuel has to innovatively create value from every element of the material and energy supplied by nature. Basically it has to reinvent itself from petrochemicals industry. Thus transformative innovations will be required by sustainable marketing for a more sustainable future.