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Abstract

With the pervasive use of oil-based energy in the global economy, even the slightest movement in the price of crude oil reverberates across all economies and businesses. This paper attempts to gauge the importance of the thrust on renewable energy against the backdrop of the perils of untamed energy (mainly fossil fuel) use. It looks at the strengths and weaknesses of various sources of renewable energy, with an emphasis on biofuels. Given their renewable nature and environmental friendliness, do biofuels have the potential to become the energy of the future or will it remain another form of energy? The paper concludes that socio-political repercussions from the widespread use of biofuels would warrant that the sector be driven by sound policy initiatives.

Keywords

Renewable Energy Alternative Energy Energy Security Biofuels Bioenergy Butanol Biomass JEL Classification: Q42 JEL Classification: Q43 JEL Classification: Q58

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Biofuels—Breaking the Myth of ‘Indestructible Energy’?

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