Rabobank says biofuels could help Australia’s fuel security
In Australia, biofuels could strengthen Australia’s fuel security and create new markets for the country’s farmers at the same time, Rabobank says in a newly-released report. The agribusiness banking specialist’s RaboResearch division says, in a world where many of Australia’s global agricultural competitors have greater fuel security and less exposure to export markets for their farm products, “Australia may want to consider using part of its agricultural production to build a more resilient and secure domestic fuel supply”.
The report, titled Biofuels could strengthen Australia’s fuel security and create new markets for farmers, says as one of the world’s largest importers of diesel and jet fuel, Australia’s heavy reliance on imports leaves farmers, freight operators, mining, airlines and motorists exposed to global supply disruptions and price spikes.
Other major agricultural exporters – including the US, Brazil and the EU – have reduced similar risks by producing biofuels from locally available crops, animal fats and waste oils, Rabobank says. And Australia has the feedstock base to pursue similar opportunity.
The report notes Australia imports approximately 80 per cent of its diesel needs and is in the top 10 importers of jet fuel and the top 15 for petrol.
Category: Fuels
