Prospects of biofuels for a sustainable energy future: A critical assessment

The purpose of this study is to discuss present challenges and future prospects for production and use of biofuels as alternative energy pathways to sustainable development. The dramatic increase in the price of petroleum, the finite nature of fossil fuels, increasing concerns regarding environmental impact, especially related to greenhouse gas emissions, and health and safety considerations are forcing the search for new energy sources and alternative ways to power the world's motor vehicles. Interest in the use of biofuels worldwide has grown strongly in recent years due to the high oil prices, concerns about climate change from GHG emissions and the desire to promote domestic rural economies. Developing countries have a comparative advantage for bio-fuel production because of greater availability of land, favorable climatic conditions for agriculture and lower labor costs. In developed countries there is a growing trend towards employing modern technologies and efficient bio-energy conversion using a range of bio-fuels, which are becoming cost-wise competitive with fossil fuels.