The International Energy Agency (IEA) has predicted that the ethanol demand in India is likely to rise in 2023-24, reports Money Control.
In its Renewable Energy Market update for June 2023, IEA stated that out of total biofuel demand in the world, two third of demand will be accounted for by India, Brazil, and Indonesia.
These countries have ample feedstock, additional production capacity, and low production costs along with policies that would help them in increasing ethanol production, it said.
An increase in the use of biofuel has helped to offset the consumption of 2 million barrels of oil a day in 2022, said IEA. This is equivalent to 4% of the global transport sector’s oil demand.
