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OPEC Report Reflects Negative Sentiment In Oil Markets

OPEC Report Reflects Negative Sentiment In Oil Markets

OPEC’s MOMR didn’t yield any…

Canada’s British Columbia Urged to Support Renewable Fuels Sector

Canada’s British Columbia’s environmentally friendly energy output is currently taxed at the same level as the fossil fuels they aim to replace.

The province nevertheless is in the forefront of North American efforts to mitigate the effects of greenhouse gas emissions, as British Columbia has instituted a carbon tax along with a ban on coal-fired electricity production and committed itself to join a regional greenhouse-gas reduction agreement in early 2012, the Vancouver Sun reported.

The progressive policies have had a significant impact on the province’s economy, as according to a recent report from the KPMG accounting firm, British Columbia now has 202 clean-tech companies, employing about 8,400 people and generating $2.5 billion in annual revenue.

British Columbia’s renewable energy sector includes green co-operatives and startups producing renewable biofuels like B100, 100-per-cent biodiesel. These progressive companies are assisting British Columbia to meet its carbon reduction goals while fulfilling the British Columbia Energy Plan's objective to "reduce emissions and advance the domestic renewable fuel industry."

The province’s progressive policies have nevertheless resulted in rising biofuel prices. Last year the British Columbian government eliminated an exemption for biofuels from the Motor Fuels Tax, resulting in those purchasing 100-per-cent renewable vehicle fuel from the Vancouver biodiesel Co-op now forced to spend an additional 24 cents per liter.

By. Charles Kennedy, Deputy Editor OilPrice.com



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