Renewable Energy Group, Inc. President & CEO CJ Warner issued the following statement upon President Trump’s signing of legislation which included a retroactive reinstatement and extension of the $1 per gallon Biodiesel Tax Credit from January 1, 2018 through December 31, 2022:
“Friday’s news represents a big win for the environment, for agriculture, and for US motorists. For too long the biomass-based diesel industry has been held back from showing its real potential due to the recurring uncertainty around the BTC. Now, thanks to the work of biodiesel champion lawmakers, we can accelerate our strategy and further deliver at scale the enormous benefits of biodiesel and renewable diesel.
“We are grateful to so many who made this a reality for the biodiesel industry. Senator Chuck Grassley is a tireless biodiesel champion and his intrepid leadership helped build the industry from the beginning. Senator Maria Cantwell’s years of persistence on the industry’s behalf as a fighter for lower carbon fuels was crucial. Senator Joni Ernst played a key role in securing President Trump’s support for the BTC and we sincerely thank all of these pivotal leaders. Thank you to all of the biodiesel advocates in the House, including Iowa members Abby Finkenauer and Cindy Axne and Washington State Congressman Derek Kilmer.
“As we look to the future with this supportive policy, we are committed to delivering value to our stakeholders, including our customers and shareholders, through a balanced approach to capital allocation focusing on high quality, high returning investments, including share and bond repurchases that will strengthen the company and our ability to deliver high quality, low carbon fuels. The proceeds from the BTC provide tremendous, predictable resources to support achievement of these goals.”
REG is an international producer of cleaner fuels and North America’s largest producer of biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions.