Canada: Biofuels Annual

  |   Attaché Report (GAIN)   |   CA2024-0057

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Office of Agricultural Affairs, Ottawa   |   (1-613) 688-5267

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Canada: Biofuels Annual
Fossil fuel CI reduction requirements came into effect on July 1, 2023, but an early carbon credit creation mechanism operating June 2022 to June 2023 incentivized growth in ethanol use and blending in 2022 under Canada's CFR. Rising ethanol use and blending continued in 2023 supported by the carbon credit exchange and provincial policies, and the same was true for BBD in 2023 and expected in 2024. Fuel ethanol consumption in 2024 is forecast 43% higher than 2021 (pre-CFR) levels; biodiesel and renewable diesel are forecast 19% and 243% higher, respectively. The first of two HDRD plants began operation in November 2023, and HDRD exports to the United States began in June 2024. There is significant uncertainty for Canada’s biofuel production and trade (especially BBD) given imminent changes in U.S. federal biofuel tax policy.
Western Hemisphere, Canada
Biofuels

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