Cost–benefit analysis of third-generation biofuels

Abstract

Liquid fossil fuels have been consumed as a leading energy source globally over the long term. This energy source has been considered unsustainable, and predominantly, the stocks of liquid fossil fuels will be declined by the middle of this century. Biorenewable resources are the only alternative to supply energy demand globally and to save the planet from global warming. Different renewable bioresources have been considered as a feedstock for biofuel production for long years back. Among various renewable feedstocks, recently algae-derived biofuel has been entered into the mainstream of third-generation biofuel. Algae has the potential for much higher lipid yields with lower resource inputs than other renewable feedstocks, and no other feedstocks can compete with algal biofuels in terms of quantity and diversity. Current technologies that are available for algal biofuel production are quite high-cost input techniques. Recently, researchers are developing alternative technologies for algal biofuel production to make it economically feasible. Cost–benefit analysis is a systematic approach to analyze the productivity of algal biofuel by alternative technologies in terms of cost input. Different statistics and models have been approached for the techno-economic analysis of algal biofuel production, helpful to estimate the expected balance of costs and benefits over time for all the alternative technologies. Due to the lack of large-scale production facilities for all the new technologies currently involved in algal biofuel production, the cost–benefit analysis is limited under several considerations and assumptions. For each different study, the parameters will vary from the selection of algal strain to the final production, so the variations in the cost of production can be measured with the help of sensitivity analysis. © 2022 Elsevier Inc. All rights reserved.