Farm and biofuel organizations are pleased with provisions included in the Inflation Reduction Act signed into law by President Biden Tuesday, including new funding to encourage agricultural conservation programs and advance biofuels.
“Through this legislation, Congress and the administration recognize that farmers’ voluntary climate-smart agricultural practices are an important part of addressing climate change,” said Brooke Appleton, the National Corn Growers Association (NCGA) vice president of public policy. “We are also particularly pleased to see Congress and the administration acknowledge that low-carbon biofuels like ethanol are needed to help decarbonize transportation and improve energy security.”
The law allocates $19.9 billion for U.S. Department of Agriculture conservation programs and $1 billion for additional conservation technical assistance. For biofuels, the legislation includes $500 million for infrastructure for greater market deployment of higher blends of biofuels as well as new tax credits based on carbon reduction to incentivize clean fuels and new sustainable aviation fuel.
Renewable Fuels Association President and CEO Geoff Cooper says the 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.”
RFA Senior VP, Government & Public Affairs, Troy Bredenkamp summarizes the provisions in the bill that help farmers and biofuel producers contribute more to a low carbon future.
RFA's Troy Bredenkamp on Inflation Reduction Act (3:51)