On Saturday, China's Ministry of Finance (MOF) and the State Administration of Taxation decided to eliminate consumption taxes on vegetable oil- and animal fat-based biodiesel. The move is aimed at promoting the use of renewable energy sources and lessening the nation's need for petroleum-based fuels. Additionally, Chinese officials believe that increased use of biodiesel will protect the country's environment by reducing harmful auto-related emissions.
You know the saying "you're one in a million"? In China, that means there are a thousand others like you. With the world's largest population, is it surprising that China also has the greatest potential to reuse its cooking oil as biodiesel? The Worldwatch Institute recently figured that China generates over 4.5 million tons of used oil and grease each year, and that half of that could be collected and turned into biodiesel.
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models