From corn and sugar to grass and algae, biofuels have exciting potential to fight climate change and reduce our dependence on oil. As a result, investment in this renewable energy source has been steadily climbing.
From 2008 to 2018, biofuel revenue is predicted to leap from $34.8 billion to $105.4 billion annually. Major market players have begun to invest significant capital in the sector. Exxon, for example, is investing $600 million in Craig Venter's Synthetic Genomics, a company focused on developing biofuel from algae. Additionally, Boeing successfully tested several bio-jet-fuel blends in late 2008 and early 2009.
Still, significant technological and financial hurdles remain, and scientists continue to debate the environmental pros and cons of biofuel production.
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