(Bloomberg) -- Bunge Ltd. says a surge in biofuel demand that helped propel the world’s largest oilseed crusher to record profits is only going to accelerate in coming years.

By the end of 2024, capacity to produce renewable diesel will increase roughly fivefold, according to the U.S. Energy Information Administration. That’s a boon for companies like Bunge that produce oils made from soybeans and canola, used to make the biofuel. 

A global push to lower emissions is spurring demand for renewable diesel, which is almost chemically identical to the traditional petroleum product and therefore relatively easy for fossil-fuel companies to adopt. A jump in orders from fuel producers has already resulted in surging profits for Bunge and other agriculture suppliers, while farmers are expected to sow more oilseed crops in response to higher prices.

The expanded use means the U.S. will flip from a net exporter to an importer of vegetable oil, according to Bunge Chief Executive Officer Greg Heckman. At the same time, heightened concerns over greenhouse gases mean farmers will plant so-called cover crops that reap oilseeds but also help sequester carbon in the ground, Heckman said.

“We will see cover crops adding another supply for oil and even higher capacity for crushing footprint,” Heckman told investors Wednesday on a conference call. 

Bunge also has a joint venture with Chevron Corp. to provide supplies to produce renewable diesel. 

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