In August 2022, President Joe Biden signed into law the Inflation Reduction Act (IRA) to help thousands of people that are struggling with rising costs. At the same time, this law features an important amount of investment in the field of clean energy and climate-related programs. Even though IRA is not directly related to Biodiesel, it encourages its production while making it easier and more viable.
Through this legislation, the Government and Congress show how important is to address climate change. Everything that can be done to preserve and help the planet is appreciated, and Biodiesel –and biofuels in general— is part of these contributions. At the end of the day, biofuels such as Biodiesel contribute to energy security, reduced air pollution, and support rural economic development.
Among its benefits, the Inflation Reduction Act of 2022 fights inflation, encourages domestic energy production, manufacturing and reduces carbon emissions. But there’s even more.
Here are some other ways to fund local Biodiesel thanks to the 2022 IRA.
- Technical assistance to renewable energy and biofuels such as Biodiesel.
- The IRA invests $500 million to improve the Higher Blends Infrastructure Incentive Program. This broadens the availability of biofuels and boosts the possibility of creating skilled jobs with good wages in rural communities. This will represent improvements in blending, storing, supplying, and distributing biofuels.
- This legislation adds a two-year extension of the Biodiesel tax credit through 2024 before it converts to a clean energy technology-neutral credit for the following three years.
- With the facilitation of biofuel production and its other factors, the new law should contribute to reducing economy-wide greenhouse gas emissions by 50-52% by the year 2030.
Thanks to the Inflation Reduction Act, manufacturing Biodiesel and other biofuels will become more viable and easier. Together we can have more vehicles and communities using renewable biofuels to fuel their new circular economy. At Biodiesel 4 Schools, we strive to make this planet a cleaner and more sustainable world, and producing Biodiesel can help big time. Mitigating the effects of climate change, among other advantages, is part of what we do.
