Reporter Kim Chipman has a fantastic story today about the unlikely crop on everyone's radar in the US as liquid biofuels take off. Here's her quick take on the topic and a link to the full article, too.
After decades of slow progress, the #canola crop is gearing up for a massive expansion in the US, thanks to its potential as a source of renewable #diesel and jet #fuel. That is, unless the #election changes everything.
The plant, developed 50 years ago in Canada as a healthier source of cooking fat, has proven tricky for some farmers to grow. Only about 2.3 million acres are sown annually in the US, dwarfed by the 86.5 million acres of soybeans planted this year, the most widely grown oilseed.
Canola has a much higher oil content than soy, which makes it an ideal raw material for biofuels. Demand has the potential to take off like it did for corn after government mandates for ethanol took hold in the mid-aughts, says Kansas State University agronomist Mike Stamm.
If demand for sustainable truck, bus and airplane fuel continues as planned, the total US and Canadian market for oils, fats and greases used to make climate-friendly transport fuels will be valued at more than $20 billion next year, according to Bloomberg Intelligence analyst Brett Gibbs. That compares with about $6 billion in 2019.
Still, that expansion risks being derailed after November’s presidential election.
If he returns to the White House, Donald Trump could push to quickly
roll back provisions in the Inflation Reduction Act, President Joe Biden’s signature climate legislation that includes major incentives for biofuels.
In the event a Democrat holds the office, some critics worry the administration will champion electric vehicles at the expense of biofuels.
In any case, neither Biden nor Trump has spent much time recently talking about agricultural policy on the campaign trail, and the next Democratic nominee probably won’t, either.
The biofuel industry — and prospective canola farmers — will likely have to wait until after Nov. 5 to get a clearer sense of their future prospects.
https://lnkd.in/eyb6rG6x #agrticulture #politics #EVs #biofuels #green #climate #farming #policy Bloomberg News
Working towards an inclusive model of sustainability in consumer goods.
4moI haven't anything on the JWG recently. It is a good place to start though