The Inflation Reduction Act passed Sunday afternoon by the U.S. Senate retained important provisions that will stimulate growth and investment in the use of low-carbon renewable fuels, according to the Renewable Fuels Association. The legislation now moves back to the House of Representatives, where a vote is expected as soon as Friday.
“We were pleased to see that the Senate’s final passage of the Inflation Reduction Act preserved numerous provisions that recognize the important role renewable fuels like ethanol can play in bolstering our nation’s economy and accelerating decarbonization efforts,” said RFA President and CEO Geoff Cooper. “In fact, the package of renewable fuel provisions in the legislation represents the most significant federal commitment to low-carbon biofuels since the Renewable Fuel Standard was expanded by Congress in 2007. RFA will continue to urge the House to swiftly adopt these biofuel measures to ensure American families have greater access to lower-cost, domestically-produced renewable fuels that are good for the environment, the economy, and energy security.”
Among the provisions of the bill supported by RFA, Cooper said, 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.