Biofuel Industry: Opportunity for self-reliance and security in energy enabling progress towards the SDGs and NDC commitments
Agriculture is the main stay of DCs and LDCs as the sector contributes considerably to their GDP. Business opportunities are to be found along the entire value chain of agro-industries. Agro-processing is an important instrument to add value to agricultural products. Since agro-industries generate huge amounts of biodegradable wastes and residues in one place, the potential to apply circular economy principles and generate co-products and biproducts including energy is enormous. This can also reduce post-harvest losses, thereby increasing the productivity and profitability of industries and related value chain.
There is immense potential for DCs and LDCs as well as SIDSs to produce biofuels from local agro-resources and reduce the import of fossil fuels which can help them to become self-reliant in energy and energy secure, furthermore saving enormous amount of foreign exchange which can be diverted to other economic activities. In summary, the bioenergy industries and economies are promoting an increasing focus on the nexus of climate adaptation, job creation, social well-being as well as the value chain potential representing a multi-sector social, economic and environmental impact.