According to a new report, the biofuels industry contributed $277.3 billion to the global economy in 2010. “Contribution of Biofuels to the Global Economy” was commissioned by the Global Renewable Fuels Alliance (GFRA) and outlines the economic footprint of the biofuels industry. The actual research was conducted by Cardno Entrix.

Global biofuel production produced 110 billion litres in 2010 and supported nearly 1.4 million jobs in all sectors of the global economy according to GFRA. By 2020 the industry is forecasted to produce over 196 billion litres and support over 2.2 million jobs across all sectors worldwide. It is expected that the majority of future growth will come from developing nations in Asia and Africa.

“It is promising to see the global biofuels industry growing during these difficult economic times,” said Bliss Baker, spokesperson for GFRA. “The global biofuels industry is a bright spot in the current world economy and is contributing billions of dollars to output and creating hundreds of thousands of jobs all while reducing our reliance on crude oil.”

Baker added that a growing biofuels industry in developing nations will help bring wealth, jobs and prosperity while reducing reliance on oil. He concluded by noting that the report truly demonstrates the how far the biofuels industry has come in the past decade and showcases continued growth of the industry.