Global demand for the biofuel has been strong despite the rise of EVs
When the world’s top diplomats arrived in Brazil for G20 meetings earlier this year, they were greeted by a fleet of cars carrying a message of national pride: “Powered by Brazilian ethanol.” Since the Latin American country decided, in the 1970s, to reduce its dependence on imported oil and gas, ethanol has played a crucial role in Brazil’s energy mix.
” Much of the demand is being driven by Japan, California and, in particular, Europe, which has imposed stringent requirements for renewables but is reluctant to trade farmland for ethanol production — the so-called food versus fuel debate. “I have no issue with demand today,” says Mussa. “At first, we said ‘let’s test the market’ and see if it would be willing to contract volumes for a long period of time with minimal price guarantee. And, to my surprise, they wanted everything we have.
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