With the signing of the Inflation Reduction Act today by President Biden, America will see important growth and investment in the use of low-carbon renewable fuels like ethanol, according to the Renewable Fuels Association.
“We thank President Biden for signing the budget reconciliation bill today and recognizing that low-carbon, lower-cost renewable fuels like ethanol are a critical tool for combatting climate change,” said RFA President and CEO Geoff Cooper. “This bill puts ethanol on a sustainable path for growth and investment. Several provisions within this bill are very important to the U.S. biofuels industry and will result in American families having greater access to low-carbon, more affordable, domestically made renewable fuels. We look forward to helping the administration implement the key provisions within this legislation.”
Among the provisions of the bill supported by RFA are $500 million in grants for higher-blend biofuels infrastructure; extensions of several current biofuel tax credits; creation of new tax credits for clean fuel production and sustainable aviation fuel; and enhanced support for carbon capture, utilization and storage.