Global biorefinery market is anticipated to grow at a CAGR of 29.4% during the forecast period (2023-2030). A major factor supporting the growth of the market is the increasing regulatory policies by various governments for protecting environments to bolster investments in the biorefinery market. Increased environmental awareness has bolstered efforts to limit air, water, and soil pollution, which in turn pushed governments to invest in cleaner fuels in place of conventional fuels.
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For instance, in February 2023, the Indian government pledged to invest $4.3 billion in green electricity and technology towards the country’s energy transition and net zero target. Within the pledge, the government included a focus on solar power from the Himalayan region of Ladakh and green hydrogen production. Apart from this, during the announcement of Budget 2022-2023, the Indian Finance Minister announced their plans to implement several programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy.
According to the International Energy Agency (IEA) report published in June 2023, globally governments have allocated $1.3 trillion to clean energy since 2020. Approximately $130 billion has been announced over the past six months. Furthermore, countries including Australia, Brazil, Canada, Japan, and other European countries are offering direct incentives for manufacturers intending to increase domestic manufacturing of clean energy technologies.
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