The state of Iowa established a production tax credit for renewable chemicals, the FAA approved a new biofuel, and the Iowa Department of Revenue saw a rise in biodiesel blended fuel and E85.
New investments, partnerships fuel industry growth
Biofuel use up, new industry growth on horizon
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The industry celebrated a new milestone with E15, aviation biofuels continued to gain momentum, and scientists developed new ways to turn plants into chemicals and biofuels. Catch up on these top stories from the week
ETHANOL IS BETTER FOR THE ENVIRONMENT
- Did you know that the American Lung Association has named E85 an official “clean air choice?”
- Today, U.S. corn ethanol saves 19-48% greenhouse gas emissions compared to average gasoline.
3. A study commissioned by the Renewable Fuels Association (RFA) found that by 2022, corn ethanol will reduce greenhouse gas emissions by 43-60% compared to petroleum.
4. In 2013, biofuels reduced greenhouse gas emissions by the equivalent of taking 7.9 million cars off of the road for an entire year.
ETHANOL REDUCES DEPENDENCE ON FOREIGN OIL
- Ethanol brings increased energy security: in 2013, it displaced $48 billion worth of imported oil.
- The United States remains the world leader when it comes to fuel ethanol production. In 2015, the U.S. produced 14.8 billion gallons of ethanol, while the runner up, Brazil, reached 7.1 billion gallons.
ETHANOL SAVES MONEY
- The January 2016 Clean Cities Alternative Fuels Report, containing national average fuel prices between January 1, and January 15, 2016, shows that ethanol remains the most economical option at the pump.
ETHANOL CREATES JOBS
- The ethanol industry supports over 85,000 direct jobs and more than 300,000 indirect jobs in the United States today.
- They’re well-paying jobs, too: 46% of those employed by the ethanol industry are making over $75,000 annually.
ETHANOL BOOSTS LOCAL ECONOMIES
- Ethanol is a boon to rural economies. In 2015, the Indiana Corn Marketing Council released their 2014 economic impact study, which showed a $207 million increase in household income in Indiana, both directly and indirectly linked to ethanol production.
- Ethanol’s local economic benefits have been well established for more than a decade. In 2002, a report showed that an average 40 million gallon per year ethanol plant will not only provide a one-time boost of $142 million to the local economy during construction, but expand the local economic base of the community by $110.2 million each year through the direct spending of $56 million.
ETHANOL SPARKS INVESTMENT AND INNOVATION
- The ethanol industry makes use of waste. For example, cellulosic ethanol is created from agricultural waste, even wood chips can be used.
Finland and Mexico announced significant biofuel investments this week to drive the industry forward in their countries and abroad. Both countries have sustainability goals that they will rely on biofuels to achieve.