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Merrill Lynch
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We see tremendous momentum now for a greater market share for renewable energy in the world’s primary energy supply. European governments have recently committed to a challenging 20% market target for renewable energy (10% market share for biofuels). A 10% market share for biofuels is five times its current market share and our view is that the scale of this commitment should mean that regulatory risks are lower now than in the recent past. Governments will be anxious not to derail growth in this industry.
