The Law Would Be The World's First Government Program To Establish Market Incentives for Lower CO2 Fuels.
A biofuels bill (AB 2899, Assembly Member Shirley Horton) is the first bill in the world that would establish a government approved labeling program for identifying "lower CO2" fuels at the fuel pump. The bill passed through the main policy Committee in the California Assembly.
The use of market-based incentive mechanisms like a consumer label at the pump can help the USA start to reduce CO2 and other greenhouse gases.
The EU Directive will insure that an even greater percentage of their liquid fuels come from biofuels (ethanol or biodiesel) which will require that 2% of petroleum contain biofuels in 2005, rising by 3/4% per year to 20% by 2020. This is projected to increase demand to 5 million metric tons by 2006 and 15 million metric tons by 2010 (about 4 billion gallons).
According to studies done by the US Dept. of Energy, biodiesel leads to a 78% life-cycle reduction in CO2 emissions. Its use by vehicles and industry can greatly diminish the amount of greenhouse gases emitted while also reducing air pollution.
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