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Advantages of Biodiesel:

Biodiesel gives off less new carbon monoxide and carbon dioxide, since the gasses released during combustion are essentially the gasses absorbed from the atmosphere whilst the plant growing- unlike the gasses released by burning petrodiesel, which was carbon previously locked away.

Biodiesel is a better lubricant than petrodiesel, so it helps to extend the working life of engines.

Biodiesel gives fewer particulates when burnt, reducing risks from respiratory problems.

Biodiesel is easier to ignite than petrodiesel, meaning more complete, efficient combustion.

However:

Biodiesel is more expensive to produce.

If Biodiesel was used on a wider scale, more plants for oil would be grown as a cash crop. This may reduce the amount of food grown to feed the population in less economically developed countries.

Biodiesel gels at higher temperatures than petrodiesel, so tanks require heating in cooler climates.

Biodiesel degrades rubber hoses used on older engines.


Image at top of page modified from image at Wikkimedia Commons, used under GNU Free documentation Licence
Antony Walters, University of Bristol