This past week marked the 40th anniversary of the original green event, Earth Day. And the National Biodiesel Board used the occasion to call for an important tax break for the original advanced biofuel – biodiesel.
This NBB press release says renewal of the $1-a-gallon federal tax incentive is imperative for the economic health of the country and the ecological health of the world:
“Lawmakers need look no further than the National Mall to see cleaner-burning biodiesel at work powering generators this Earth Day,” said National Biodiesel Board (NBB) CEO Joe Jobe. “Not only does biodiesel have the best greenhouse gas reduction of any domestic transportation fuel, but also it is the only advanced biofuel currently in the U.S. commercial marketplace.”
In recognition of Earth Day, the National Biodiesel Board is urging Members of Congress to reinstate the biodiesel tax incentive immediately. Since the credit lapsed on December 31, 2009, domestic biodiesel production has plummeted to nearly a standstill. One of the most successful energy policy initiatives ever enacted, the program makes biodiesel price competitive with petroleum diesel.
The biodiesel tax credit allows the U.S. to reap the significant environmental benefits associated with the sustainable fuel, including:
Biodiversity: Biodiesel is the most diverse fuel on the planet, made from a wide variety of oil and fat by-products of regional crop and livestock production.
Regional diversity: More than 150 biodiesel plants support green jobs and green investment in nearly all 50 states, producing fuel from regionally available resources.
Carbon reduction: Last year, biodiesel’s contribution to reducing greenhouse gas was the equivalent of removing over 774,000 passenger vehicles from America’s roadways.
Energy balance: Biodiesel produces 4.5 units of energy for every 1 unit it takes to make the fuel, boasting the highest energy balance, and the highest energy content of any American-made renewable fuel.
Versions of the bill to retroactively extend the credit have passed both the Senate and the House. But, the two chambers have not agreed upon a compromise between different bills.