Canada is pushing a four part plan called EcoENERGY for Biofuels and will see the government investing C$1.5bn ($1.4) over nine years to boost biofuels production in the country.
These are the key points
* Applicable to eligible production between April 1, 2008 and March 31, 2017.
* Available to eligible facilities constructed before March 31, 2011, subject to program volume limits.
* Incentives for up to seven years per eligible facility.
* Program volume limits of 2 billion litres of renewable alternatives to gasoline and 500 million litres of renewable alternatives to diesel, potentially increasing over time, subject to funding availability.
* Incentive rates of up to $0.10 per litre for renewable alternatives to gasoline and up to $0.20 per litre for renewable alternatives to diesel for the first three years of the program, declining over the following 6 years.
According to a government press release
Close to three billion litres of renewable fuels will be needed annually to meet the requirements of the new regulations. Canadian production in 2006 was only about 400 million litres, so the expansion will represent a tremendous economic opportunity for the country’s 61,000 grain and oilseeds producers.
“Good for the environment and good for farmers, our government’s investment in biofuels is a double win,” said Prime Minister Stephen Harper
Lets hope so