Build Back Better Act includes $1B for biofuel infrastructure

October 31, 2021 |

In Washington, D.C., President Biden and Congressional leaders released a new proposed Build Back Better Act that includes nearly $1 billion to expand biofuels infrastructure, a four-year extension of the biodiesel tax credit which was set to set to expire at the end of 2022, and a new tax credit to support the creation and usage of sustainable aviation fuel, opening a new and growing market for biofuels and biodiesel.

Rep. Cindy Axne (D-Iowa) said these investments are projected to put at least $400 million into the pockets of Iowa farmers. “Not only does the Build Back Better Act represent the largest investment in clean energy and combating climate change ever – it also confirms that my colleagues have listened to my central argument in our clean energy discussions: biofuels can and should be a part of our fight against climate change,” said Rep. Axne. “For months, I have been helping members of the administration, the Senate, and my own colleagues in the House understand the key advantages of biofuels – from the fact that it’s been proven to be more than twice as clean as fossil fuels to how much it can help the economies of states like Iowa. And now I will continue working to get these investments to the President’s desk.”

Growth Energy CEO Emily Skor thanked President Biden and Congressional leaders for including $1 billion in biofuels infrastructure investments in his proposed Build Back Better budget reconciliation framework.

“President Biden’s proposal to invest $1 billion in biofuels infrastructure is a welcome acknowledgment from this administration that access to higher blends of biofuels at the pump makes a real difference in decarbonizing transportation,” said Skor. “Recent research shows that a nationwide E15 standard would reduce CO2 emissions by more than 17.62 million tons – the equivalent of taking 3.85 million cars off the road each year. Investing in fuel infrastructure that allows more American drivers to fill up on low-carbon biofuel blends, like E15, is crucial to helping our nation achieve our clean energy goals today.”

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Category: Policy

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