Biofuels generate $2 billion for Canada's economy
The grand total of the annual positive economic impact of renewable fuels is $2.013 billion (€1.641 billion) in Canada. This is the conclusion of Doyletech Corporation’s impact assessment of renewable fuels investments in Canada and reported by the Canadian Renewable Fuels Association.
After looking at Canada’s 28 ethanol and biodiesel refineries the study found that investing in biofuels has increased the nation’s oil exports from western Canada.
$2.326 billion has been directly invested during the construction phase of the plants, while the total net economic activity is $2.949 billion. The construction period of the biofuel plants also created 14,177 direct and indirect jobs.
The economy saw the production of a total 2.25 billion litres of ethanol and biodiesel as a result of running 28 refineries. The annual net economic benefit is $1.473 billion and an additional $540 million has been generated through oil exports. 1,038 jobs have been also been created.
This puts the yearly impact of renewable fuels at $2.013 billion.
The report stated: ‘Even making allowance for the opportunity costs of alternative investments and the opportunity costs of alternative feedstock sales, renewable fuels plants in Canada represent a positive economic benefit.’
After looking at Canada’s 28 ethanol and biodiesel refineries the study found that investing in biofuels has increased the nation’s oil exports from western Canada.
$2.326 billion has been directly invested during the construction phase of the plants, while the total net economic activity is $2.949 billion. The construction period of the biofuel plants also created 14,177 direct and indirect jobs.
The economy saw the production of a total 2.25 billion litres of ethanol and biodiesel as a result of running 28 refineries. The annual net economic benefit is $1.473 billion and an additional $540 million has been generated through oil exports. 1,038 jobs have been also been created.
This puts the yearly impact of renewable fuels at $2.013 billion.
The report stated: ‘Even making allowance for the opportunity costs of alternative investments and the opportunity costs of alternative feedstock sales, renewable fuels plants in Canada represent a positive economic benefit.’
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