The production of renewables and biofuels in the UK is projected to increase from 21.8 Million Tonnes Of Oil Equivalent (MTOE) in 2024 to 25.14 MTOE by 2028. This represents a steady year-on-year growth, with an approximate annual growth rate of around 3.6% over the forecast period. In 2023, the actual production stood at approximately 21 MTOE.
Future trends to watch for include:
- The UK's policy developments on reducing carbon emissions and fostering renewable energy sources.
- Technological innovations in renewable energy that could enhance production efficiency and output.
- Market dynamics, including investment levels in renewables and biofuels, could influence growth trajectories.
- Geopolitical factors impacting raw material supply chains for biofuel production.
