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Biofuels use is projected to increase 25 percent by 2018 to 2.4 million barrels per day. By comparison, the world consumes 90 million barrels per day of petroleum. Developing countries, led by China, will account for two-thirds of the global increase in renewable generation. Growth in Europe and the U.S. is expected to slow, though President Barack Obama outlined a sweeping plan Tuesday that would encourage renewed investment in renewable sources. Renewable sources were used to generate 12 percent of the electricity consumed in the U.S. last year, according to the Energy Department. Hydroelectric plants supplied 7 percent of the country's power, and other renewables such as wind and solar supplied 5 percent. Ethanol, mostly made from corn and blended with gasoline, was used to satisfy 10 percent of U.S. gasoline demand last year. IEA Executive Director Maria van der Hoeven said in a statement that the biggest impediment to further renewable growth is changing energy policies that increase risk for investors. "Many renewables no longer require high economic incentives. But they do still need long-term policies that provide a predictable and reliable market and regulatory framework compatible with societal goals," she said. The IEA estimates that worldwide subsides for fossil fuels are six times higher than incentives for renewables.
[Associated
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