Report: 'A Boon to Bad Biofuels' released
Posted May. 7, 2009 / Posted by: RConnors
Friends of the Earth released a report in May 2009 that examined the extent to which biofuels are subsidized by tax credits as well as the Renewable Fuels Standard. The report found that biofuels received enormous benefits from these policies, particularly when combined.
Between 2008 and 2022, biofuels will have received more than $400 billion in subsidization. This value could more than double, to $1 trillion, should we continue to increase biofuels production, as President Obama promised in his presidential campaign bid. Meanwhile, these subsidies are not driving us to sustainable biofuels, and in fact, they support even the most horrendous biofuels, such as corn ethanol.
Biofuels are not a fledgling industry: last fall the biofuel industry celebrated 30 years of subsidization. Yet, the industry continues to receive significant taxpayer funds. Friends of the Earth is working to reform these subsidies so that only the most truly sustainable biofuels benefit from subsidization.
"A Boon to Bad Biofuels" Report
One Page Report Summary | Press Release
Economics for the Earth
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