The biofuels industry would receive a chunk of federal dollars as part of the latest draft of the Biden administration’s “Build Back Better Act” working its way through Congress
The updated draft of the bill includes $1 billion in funding for the USDA to provide grants during the next 10 years to expand biofuel pump infrastructure, upgrade existing tanks and pumps, and increase usage of higher blends of ethanol and biodiesel.
The act also includes a four-year extension of the biodiesel tax credit, which was set to set to expire at the end of 2022 after being revived in December 2019.
In addition, the act includes a new tax credit to support the creation and usage of sustainable aviation fuel, which is a growing market for biofuels producers. Earlier this week, Archer Daniels Midland announced it was dedicating more than half of its total ethanol-production capacity toward a new partnership with Gevo to produce sustainable aviation fuels,
Source: https://www.dtnpf.com/
Tags: Biden Administration, Biodiesel, Biofuel, Biofuels, Ethanol
Recent Posts
FIMI and Deloitte Release Report on Cleaner Vehicle Adoption in Indian Mining Sector
NTPC Deploys Hydrogen Fuel Cell Buses in Leh, Marks India’s First Commercial Hydrogen Mobility Project
Provaris and K LINE Sign MOU to Advance Hydrogen Shipping Solutions
Mumbai Set to Launch Electric Hydrofoil Ferry Network with Candela P-12 Vessels
AVTL to Build Independent Ammonia Terminal at Pipavav Port
DNV Grants Approval in Principle for New Ammonia Bunkering Vessel Design
Proteus Launches Modular Hydrogen Fuel Cell System for Maritime Sector
Van Oord Unveils Boreas, World’s Largest and Most Sustainable Offshore Wind Installation Vessel