Comparative Analysis of Biotechnology Market Development in the BRICS Countries under the World Economy Decarbonization

Abstract

Subject. Rising prices for mineral fuels, their depletion, dependence of many countries on energy imports are the main factors for countries to switch to alternative fuels. Biofuels provide energy security, reduce environmental damage, and contribute to agriculture development. Objectives. Our aim is to analyze the BRICS countries policies on bioenergy development, to assess the degree of their compliance with the roadmap for decarbonization of the world economy by 2050. Methods. The study employs methods of bibliographic analysis, descriptive statistics, and comparative analysis. It applies statistical materials of the World Renewable Energy Agency (IRENA), the UN Climate Program, recent works by Russian and foreign scientists on bioenergy economics. Results. The analysis of time series of data on generation of bioenergy and capacities for bioenergy production in the BRICS countries revealed that Brazil was a leader in bioenergy development until 2019. Then it was replaced by China that increased the production capacity in bioenergy. Both these countries have had a steady growth of bioenergy capacities for ten recent years. The growth is also observed in India, but in Russia and South Africa, bioenergy is poorly developed, and no growth occurs. Conclusions. With competent implementation of the State policy to support biofuels, the development of biofuel technologies can bring significant economic and social benefits. However, the development of biofuel production requires a legal framework, clarity in the implementation of biofuel policies, and incentive mechanisms, like mandatory standards for fuel blends.