The 2024 Federal Government’s Budget Supports Biofuel

Three tools were introduced to support biofuel projects in Canada:

  • A newly created biofuel production fund will disburse up to $500 million per year to offset the effects of subsidies contained in the U.S. Inflation Reduction Act,
  • the retooled Clean Fuels Fund, extending for four years and pledging to deliver funding faster, a total of $776.3 million will be available to be deployed from 2024-25 to 2029-30 to support clean fuel projects,
  • the Canada Infrastructure Bank will invest at least $500 million in biofuel production under its green infrastructure investment stream.

The article includes comments from Doug Hooper, Director of Policy and Regulation of Advanced Biofuels Canada, and Bob Larocque, President of The Canadian Fuels Association.

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