Imports of biomass-based diesel (BBD) had been strong over the first half of 2024, with record amounts recorded during the first and second quarters. The pace was now slowing ahead of the 45Z Clean Fuel Production Tax Credit (CFPC) taking effect.
The US Inflation Reduction Act (IRA) will replace the current Blenders Tax Credit (BTC) with the CFPC on January 1, 2025.
Unlike the BTC, the CFPC can only be earned by US domestic fuel production, disincentivizing imports of biodiesel and renewable diesel (RD) when the end of the year approaches.
Biodiesel imports
US biodiesel imports were 23.1 million gallons in August, 8% lower than in July and 44% below the August 2023 import volume.
US biodiesel imports slowed to a 23-month low in August, with declining volumes from Canada more than offsetting a slight rise in imports from the EU and Asia.
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