Australia allocates $735 million for the development of biofuel production from canola and sorghum, which will reduce exports and impact the EU market.

Australia allocates $735 million for the development of biofuel production from canola and sorghum, which will reduce exports and impact the EU market.

The Australian government plans to allocate 1.1 billion Australian dollars (735 million US dollars) over 10 years to develop the sustainable fuel industry, which will be welcomed by the country's farmers who have been seeking state support for years, reports Bloomberg. The funds will stimulate private investment, enabling the production of biofuel to start as early as 2029, as the country has sufficient resources for this, including canola and sorghum. Experts believe that the production of low-carbon liquid fuel will open significant economic opportunities for Australia. Major global agricultural exporters, including the United States and Brazil, have long started producing environmentally friendly fuel to reduce emissions and increase profitability, but Australia has not developed this direction. Almost 70% of the canola grown in the country is exported in its raw form and used abroad for biofuel production, but there are no technologies within the country to process the raw ...