New reports shows $15B in economic benefits of US biodiesel

December 21, 2021 |

In Washington, the National Biodiesel Board (NBB) welcomed the release of a new report, “The Economic Benefits of the Biodiesel Blenders’ Credit,” from Capital Policy Analytics. The report calculates annual economic benefits of $15 billion and environmental benefits of $4.3 billion from U.S. biodiesel production. In 2020, the U.S. market for biodiesel and renewable diesel reached 3 billion gallons with support from the $1 per gallon tax incentive.

The U.S. biodiesel and renewable diesel industry supports 65,000 U.S. jobs and more than $17 billion in economic activity each year. Every 100 million gallons of production supports 3,200 jobs and $780 million in economic opportunity. The new report estimates that expiration of the tax incentive would eliminate as many as 3,000 jobs in the biodiesel and renewable diesel industry. The total employment loss throughout the supply chain associated with production would be between 7,500 and 9,000 jobs.

Moreover, the report finds that in 2019 use of biodiesel reduced U.S. greenhouse gas emissions by nearly 18 million metric tons. The cumulative greenhouse gas emission reduction since the inception of the biodiesel tax incentive is more than 100 million metric tons.

Category: Fuels

Thank you for visting the Digest.