Abstract
This paper aimed at studying the current state of development of liquid biofuels’ world market. The authors considered the theoretical bases of liquid biofuels production, their types, disadvantages and advantages. The world experience of introducing stimulation mechanisms of development and their influence on the sectors’ growth is analyzed. In this study’s frame, there is outlined the world leaders in the production of liquid biofuels. The findings represent the peculiarities of state regulation in implementing mandates for creating transport fuels with bioliquids. The current state of investment in the production of liquid biofuels was investigated. The obtained results contribute to the prospects for promoting world production of liquid biofuels to achieve the Paris Agreement’s goals by 2030 under the sustainable development scenario.
Highlights
At the present stage of human development, most countries' main driver of economic growth is fossil energy resources
According to the International Energy Agency (IEA) forecasts, liquid biofuel production's growth rate would be 3% in the five years
The main limiting factor that slows down the global transport sector's greening is the lack of strong political support and insufficient development of technological innovations that would help reduce the cost of production of advanced biofuel
Summary
At the present stage of human development, most countries' main driver of economic growth is fossil energy resources. Given the current state of development of technologies related to the transport sector, the most promising direction to increase transport decarbonization may be liquid biofuels. For implementing effective mechanisms to stimulate the growth of liquid biofuel production in the country, it is necessary to study current trends in the global biofuel market and analyze the experience of public policy created in countries that occupy leading positions in the market. The article aims to study the main aspects of the world biofuel market development, determine the world leaders in biofuel production, and analyze the experience in creating a state biofuel policy. There is an assessment of the prospects for achieving the Paris Agreement's goals by 2030 under the SDS (sustainable development scenario)
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