In Canada, Canada’s two largest biofuels stakeholders – Renewable Industries Canada (RICanada) and Advanced Biofuels Canada (ABFC), together representing almost 50 member companies –released the results of a new study on the economic impact of Canada’s upcoming Clean Fuel Standard (CFS).
The study demonstrates that biofuels could be responsible for as much as 21.3 megatons (MT) per year of greenhouse gas (GHG) emission reductions by 2030 – approximately 70% of the 30 MT target set by the federal government. On this basis, study author, Doyletech Corporation, concludes that meeting the increased demand for biofuels with domestic production would:
- • have a one-time construction phase impact of C$9.6 billion and 47,100 job-years during the build-out period; and
- • bring an increase of C$21.3 billion per year in economic activity and 12,614 permanent jobs.
All levels of government would benefit from increased tax revenues, including: C$1.69 billion per year for the federal government; C$1.47 billion per year for provincial governments; and C$107 million per year for municipal governments.