$800 million economic relief to US biofuel producers
The US Department of Agriculture (USDA) announced that it will make up to $800 million (€709 million) available to support biofuel producers and infrastructure.
The announcement includes $700 million (€620 million) to provide economic relief to biofuel producers and restore renewable fuel markets affected by the pandemic.
The Department will make the funds available through the new Biofuel Producer Programme authorised by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Additionally, in the coming months, the Department will make $100 million (€88 million) available to increase significantly the sales and use of higher blends of bioethanol and biodiesel by expanding the infrastructure for renewable fuels derived from agricultural products.
The Biden-Harris Administration is committed to further growth of the biofuels industry, and the House-passed Build Back Better Act commits additional funding that will provide better market access for farmers and more affordable and cleaner fuels for consumers.
“Under the leadership of President Biden and Vice President Harris, USDA is providing direct relief to the people of rural America who are still reeling from the economic impacts of the pandemic,” Secretary Tom Vilsack said. “As we continue to rebuild the nation’s economy, USDA is targeting resources and investments to improve the strength and resiliency of America’s sustainable fuel markets. The relief we’re announcing today will pave the way to economic recovery for America’s biofuel producers, stimulate a critical market for U.S. farmers and ranchers and move the country closer to President Biden’s goal of net-zero carbon emissions by 2050.”
The announcement includes $700 million (€620 million) to provide economic relief to biofuel producers and restore renewable fuel markets affected by the pandemic.
The Department will make the funds available through the new Biofuel Producer Programme authorised by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Additionally, in the coming months, the Department will make $100 million (€88 million) available to increase significantly the sales and use of higher blends of bioethanol and biodiesel by expanding the infrastructure for renewable fuels derived from agricultural products.
The Biden-Harris Administration is committed to further growth of the biofuels industry, and the House-passed Build Back Better Act commits additional funding that will provide better market access for farmers and more affordable and cleaner fuels for consumers.
“Under the leadership of President Biden and Vice President Harris, USDA is providing direct relief to the people of rural America who are still reeling from the economic impacts of the pandemic,” Secretary Tom Vilsack said. “As we continue to rebuild the nation’s economy, USDA is targeting resources and investments to improve the strength and resiliency of America’s sustainable fuel markets. The relief we’re announcing today will pave the way to economic recovery for America’s biofuel producers, stimulate a critical market for U.S. farmers and ranchers and move the country closer to President Biden’s goal of net-zero carbon emissions by 2050.”
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