The Biden administration, the European Union, China and General Motors want to make battery-powered electric cars the champion of motorists worldwide.
At the same time, U.S. and European agricultural interests and investors are pouring serious money into biofuels that go into cars and trucks running on liquid fuels.
The billion-dollar question is whether they can both be right about the future of transportation. The answer may not be as simple as it seems.
The EV moment
Right now, electric cars clearly have the momentum and the “inevitability” narrative on their side. The Biden administration’s ambitious infrastructure proposal sets aside $174 billion to subsidize electric cars, but little for biofuels.
We Can Love Electric Cars, But Let s Not Spurn Biofuels – Advanced BioFuels USA
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Biodiesel Magazine - The Latest News and Data About Biodiesel Production
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Albuquerque, NM (March 5, 2021) – In response to New Mexico’s proposed Clean Fuel Standard legislation, 21 national and New Mexico-based companies and organizations formed the New Mexico Clean Fuel Coalition to support the state’s efforts to diversify New Mexico’s economy while decreasing greenhouse gas emissions. The Coalition was formed in conjunction with the Low Carbon Fuels Coalition, a national organization that plays a leading role in helping shape clean fuel policy at state and national levels.
If enacted, the Clean Fuel Standard Act, SB 11, would establish a market-based approach to cut greenhouse gas emissions from transportation fuels, requiring fuel producers and importers to reduce the amount of carbon in fuels used in New Mexico a 10% reduction by 2030 and a 28% reduction by 2040. Fuel producers and importers can meet the reduction goals by purchasing credits if they are not able to produce sufficiently low-carbon fuels. Credits may be ge