US President Joe Biden’s proposed budget for 2022 includes financial backing for biofuels, bioenergy, and sustainable aviation fuel (SAF), Ethanol Producer reported on 2 June.
For biofuels, the 28 May budget would allocate US$1bn in support over the 2022/26 period, including US$500M in 2022, US$250M in 2023 and US$250M in 2024, the report said.
The budget also included US$15.4bn in support during the period to increase biorefinery, renewable chemical and biobased product manufacturing, Ethanol Producer wrote. In addition, the budget included US$6.6bn in tax incentives for SAF over the next decade.
The budget also includes provisions to extend and enhance renewable and alternative energy incentives, and to extend and modify the renewable energy production tax credit, according to the report.
In response to Biden’s proposed budget, the Renewable Fuels Association (RFA) issued a statement on 1 June, the report said.
“An investment in renewable fuel production and distribution infrastructure is an investment in a cleaner and brighter future for our nation,” RFA president and CEO Geoff Cooper said.