Biomass refers to any organic matter used for energy, so technically, biofuels are a subset of biomass. Or if you prefer, biomass refers to biofuel in its unrefined state. The two concepts do not compete.
I can only assume that you are referring to biomass being converted directly into electricity rather than converting it into liquid fuel (bioelectricity vs. biodiesel). A study conducted by Stanford University in 2009 concluded that investing in the development of bioelectricity was far more efficient than converting to an infrastructure based on biodiesel. On average, bioelectricity proved roughly 80% more efficient with less carbon emissions in most applications.
As getwithrico pointed out, bioelectricity from biomass can be more efficient because it does not need to be refined. Plus, with many biofules we must cultivate certain plants that don’t necessarily grow the best in the regions where we want to grow them. However, certain semi-refined biofuels are a very good option. Waste Vegetable Oil (WVO) is discarded by restaurants because health code regulations prohibit them from using the oil more than once for frying. So, with a little filtering and a little modification to a diesel car, you can use WVO to run your vehicle. Since it would have been thrown out anyway, there is no reason why we should not take advantage of it.
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