A biofuels lobbying group wants to bury the hatchet with the oil industry so they can team up to fight against electric vehicle subsidies.
The two industries have been at odds for years over the Renewable Fuel Standard, which required refiners to blend biofuel into gasoline. But now, the enmity between the industries is burning up like high-ethanol gasoline, as subsidies fuel the growth of electric cars.
“We want to make sure there’s a level playing field,” Bob Dinneen, president of the Renewable Fuels Association which represents biofuels, told Reuters. “Our objectives will align more times than not.”
Electric cars are growing rapidly in terms of market share. Customers bought only 1.1 million of them last year, but projections indicate that sales will rise to 4.4 million in 2021 and exceed 6 million by 2025.
Cars that run on electricity are plagued by subsidy scandals around the world, as was once the biofuel industry.
China announced earlier this month that it will slash green car subsidies 20 percent this year following several scandals. The announcement, reported by The Global Times, follows the government formally accusing more than 20 car companies of illegally taking subsidies. China imposed stiff fines on five major car companies, including Nissan and Hyundai, which allegedly stole $150 million each year in subsidies.
Electric car sales plummeted in Britain after politicians cut subsidies in half, according to official figures.
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