Europe advanced biodiesel market is expected to witness significant growth over the forecast period, owing to the rising potential of renewable resources in overcoming environmental challenges by ensuring that dependence on fossil fuels has been reduced. Various schemes have been introduced by the government which are providing financial assistance for renewable energy. For instance, in May 2019, the U.K. launched the third Contracts for Difference (CfD) round to support up to 6 gigawatts (GW) of new renewable capacity. The Contracts for Difference aim to support low-carbon technologies and investment in renewable energy. The growth of the market is also supported by the increasing investments by major market players in second-generation biofuels, which are produced majorly from residues, waste materials, and non-food crops. However, the growth of the market is restrained by the high costs of production, which include energy costs and feedstock costs.
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