Biofuels Could Account for 7% of Transportation by 2030

November 7, 2006 8:50 AM, EST

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he International Energy Agency said in its World Energy Outlook 2006 report that the amount of transportation energy demand met with biofuels could rise to 7% by 2030, Bloomberg reported Tuesday.

Ethanol is expected to lead the growth in biofuels, as IEA projects that technology advances will drive its price down quicker than soy-based biodiesel, Bloomberg said.

In addition, the U.S., the European Union and Brazil are expected to emerge as the leading producers and consumers of biofuels, Bloomberg reported.