Could this be the future of fuel? | The Business | ABC NEWS

The energy shock has exposed Australia's reliance on imported fuel, but biofuel advocates say there's a home grown solution. They think it could extend or replace some of Australia's crude oil consumption, using organic matter to create fuel with lower emissions. Up until now, there has not been consistent demand for the fuels, as until recently, imported fuel has been cheaper. The transport minister Catherine King recently said "the fact that we grow canola here, ship it overseas, turn it into sustainable aviation fuels and buy it back is nuts".

Danny Elia from IFM Investors says Australia "effectively bankrolls the rest of the world's, decarbonisation and fuel security". He thinks Australian biofuels could eventually power the domestic aviation industry. Academic Mark Brown, who works with the international energy agency on boosting biofuels, says Australia's industry will remain small until a certain percentage of biofuels is blended into current fuel stocks, but that will first need to be mandated by the government. A representative for the transport minister said the department won't discuss matters that might be in the budget, pointing to an already announced $1.1billion investment to expand the sector. Beyond the higher cost, biofuels has been criticised for increasing competition for farmland.
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