Not only is biomass a good alternative to petroleum-based products, but it is also an important contributor to the nation’s power supply. Net electricity generation of wood and wood-derived fuels came to a about 39.9 gigawatt hours in 2019, making it the third largest non-hydroelectric renewable energy source after wind and solar.
Over recent years, governments across the world have realized the importance of alternative sources of energy, as traditional means such as coal and oil are becoming increasingly rare and expensive. As a result, there was a massive spike in investment in biofuel technologies , although, investment has decreased in recent years during the global recession and the collapse in oil prices. Furthermore, the production of renewable fuels as a whole has seen a great increase, with a projected 36 billion gallons being produced in 2022, up from just 9 billion gallons in 2008. Biomass is seen as one of the most promising sources of energy for the future as it produces comparatively fewer harmful carbon dioxide emissions, and it is both abundant and renewable, thus reducing the world's dependency on fossil fuels. However, biomass still produces harmful methane gases and is currently more expensive and inefficient in comparison to fossil fuels.