The landscape of renewable energy finance has evolved rapidly. Since 2012, renewable power capacity installations have exceeded non-renewables by a rising margin, representing about 60% of all new power-generating capacity added worldwide in 2016 (IRENA, 2017a). Investment reached a comparable milestone in 2015, when renewable power technologies for the first time attracted more finance than non-renewable power technologies (Buchner et al., 2017), a trend that has continued subsequently.
Put simply, biofuel is energy made from living matter, usually plants. Bioethanol, biodiesel, and biogas are types of biofuels. Biofuels are considered renewable energies, emit less than fossil fuels, and have received increasing attention in the transition to a low-carbon economy.