Reuters: Biden administration won’t have time to finalize tax credits for renewable fuel production

of the outgoing President of the United States Joe Biden the administration does not have time to finalize the expected guidelines on renewable fuel tax credits, news agency Reuters tells.

According to three sources who spoke to Reuters, the Biden administration will not have time to finalize guidelines for airlines and the biofuel industry before stepping down in January.

The news calls into question the implementation of a central part of Biden’s climate measures.

Biofuel companies have hoped to have the finalized program in place before Biden leaves the White House on January 20.

Ethanol producers in particular have hoped that the renewable fuel will offer new growth.

Reuters reported on the back pack related to renewable fuel tax credits shortly before the Helsinki Stock Exchange closed on Tuesday. Fuel company Liquid the share price fell by 2.9 percent on Tuesday.

Commercial director of Neste’s renewable products Carl Nyberg said earlier this fall that the market situation for renewable fuels has weakened rapidly this year. According to him, it has been difficult to predict the intensity of the change in advance.

Nyberg commented on the market situation at the same time as the company lowered its guidelines for the sales volume and margin of renewable products.

“The updated guidelines are also related to the SAF market. The growth in voluntary demand has been slower than expected this year. One could assume that this is also related to general economic uncertainty”, Nyberg commented to Kauppalehti in September.

Consequences of Trump’s victory

In recent weeks, there have been reports that he will return to the White House in January Donald Trump about the future administration.

Trump’s incoming administration has been told in the taste of others is already fully preparing to dismantle the environmental regulations for vehicles drawn up in the Biden era.

Trump’s election victory is expected to be effective for the international climate work of the coming years.

During his previous presidency, Trump withdrew the United States from the Paris climate agreement, and the US’s inaction made it difficult to make international agreements.