MANAUS, Brazil (Reuters) – In a groundbreaking move, Democratic U.S. President Joe Biden is set to finalize a rule on a clean fuel tax credit before his term ends on Jan. 20, as confirmed by a senior White House official on Sunday.
The clean fuel program, which will offer credits for the production of sustainable aviation fuel and other lower-emission transportation fuels, is slated to kick off in 2025.
“I’m not going to make any announcements, except that we’re working very hard to finish the rules,” the official informed reporters, hinting at the administration’s dedication to the cause. However, no concrete assurance was given regarding the completion of the work.
Moreover, the Biden administration is also gearing up to unveil a comprehensive study on the environmental and economic implications of liquefied natural gas (LNG) before Jan. 20. Earlier this year, Biden had imposed a temporary halt on new approvals of LNG exports to facilitate the conduct of the study.
In contrast, President-elect Donald Trump, a Republican, has expressed his intent to swiftly reverse the pause in his forthcoming term.
Analysis:
This development signifies a major step towards promoting sustainability and reducing emissions in the transportation sector. The implementation of the clean fuel tax credit rule is expected to incentivize the production of eco-friendly fuels, paving the way for a greener future. Additionally, the forthcoming study on LNG’s impact sheds light on the administration’s commitment to assessing and addressing environmental concerns in the energy industry.