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Canada's biofuel industry is seeing a major uptick in investment spurred on by growing global demand for biofuel and, in particular, the implementation of the country's new Clean Fuel Regulations. In recent years, much of the investment in Canada's biofuel sector has targeted the production of renewable diesel, a biomass-based fuel that is chemically equivalent to petroleum diesel and can either be blended with it or used as a replacement fuel. Investment has been driven in part by provincial policies, like B.C.'s low-carbon fuel standards, and by Canada's Clean Fuel Regulations. "That's a primary topic right now," said David Schick, vice-president of Western Canada and regulatory affairs for the Canadian Fuels Association, which represents companies that process crude oil and bring products to the market. "Our members who provide most of the transportation fuel in Canada, up to about 95 per cent are coming up with ways to have more biofuels in the fuel mix in order to meet compliance obligations." Interest in renewable diesel is also growing south of the border, due to the U.S. Renewable Fuel Standard and state-level policies in California, Washington and Oregon. Schick, with the Canadian Fuels Association, said many fuel companies could easily build projects in Canada or the U.S., but will choose the option that makes the most economic sense.
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The Bank of Canada raised its benchmark interest rate by 25 basis points on Wednesday, marking the first time since April 2001 that the figure hit five per cent. Some of the country's biggest lenders, including the Royal Bank of Canada, CIBC, Bank of Montreal and TD Bank, have already announced that they will match their increase effective Thursday to align with that of the central bank's. Could be mid-2025 before bank hits inflation target Wednesday's rate hike marks the 10th by the central bank since March 2022. During a mid-morning news conference on Wednesday, Bank of Canada governor Tiff Macklem said the bank expects inflation to ease but that it could take until the middle of 2025 to hit its two per cent target. "We've been clear about the indicators we are watching, and it's clearly too early to be talking about interest rate cuts," Macklem said, adding it's also too soon to tell how much impact the rate increases are having. Having started on a fixed mortgage, she switched to a new bank and took on a variable rate about a year-and-a-half ago - before the Bank of Canada began its quest to tame an overheated economy with a series of interest rate hikes. Bonnal questioned why the bank would continue to raise interest rates when inflation is close to its target range - and given that the impact of rate hikes can sometimes take more than a year to appear in the economy.
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