Canada NewsWire
OTTAWA, ON, April 17, 2024
OTTAWA, ON, April 17, 2024 /CNW/ - Renewable Industries Canada (RICanada) notes the announcement in yesterday's Federal Budget 2024-2025, which included $776 million towards a retooled Clean Fuels Funding program to support renewable diesel (RD), sustainable aviation fuel (SAF), and renewable natural gas (RNG). However, RICanada is issuing a serious concern over the apparent exclusion of ethanol among the supported biofuel categories.
The Canadian ethanol industry, a critical component of our national biofuels landscape and a major economic contributor, faces significant risks from this exclusion, particularly in Ontario. Local ethanol production not only supports rural economies but also offers a cost-effective method for significant emissions reductions in the transportation sector.
RICanada appreciates the recognition from Deputy Prime Minister and Finance Minister Chrystia Freeland in yesterday's budget, emphasizing the critical role and need to scale up biofuel production and innovation in Canada. We are eager to continue our collaboration with the federal government to refine the Clean Fuels Funding program and for the integration of biofuels into Investment Tax Credits (ITCs), in addition to promoting the establishment of incentives for SAF and RD biofuel production infrastructures. These measures are crucial in catalyzing the growth of the industry, generating employment, and expanding economic opportunities throughout Canada.
Founded in 1984, Renewable Industries Canada (RICanada) is a business coalition representing Canada's first and foremost biofuel producers. RICanada membership includes the country's largest and most innovative renewable fuel producers and industry experts. Member companies produce low-carbon ethanol, biomass-based diesels, sustainable aviation fuel, are innovating towards clean hydrogen production, and have $15 billion worth of prospective projects in Canada.
SOURCE Renewable Industries Canada
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