The IEA's World Energy Investment report forecasts a significant rise in global investment in low-emissions fuels, with biofuels leading the way. Biofuels are set to receive over $16 billion in 2025, contributing to a total of nearly $25 billion for low-emissions fuels, which includes biofuels, biogases, and low-emissions hydrogen. While Europe is leading in overall spending in this sector, it is placing a higher emphasis on biogas over liquid biofuels like biodiesel and ethanol. Conversely, the US and Brazil are dominating investment in liquid biofuels, with the US also driving growth in hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF). The IEA anticipates a decline in fossil fuel investment for the first time since 2020, which will increase the proportion of low-emissions fuels in global energy investment, though they will still represent only a small fraction (around 3%) of the total investment.