The biofuels industry could be headed for its next big growth boom with a major early step now complete. Renewable Fuels Association head Geoff Cooper says the Treasury has accepted a modeling tool to measure carbon intensity and eligibility for tax credits for sustainable aviation fuel.
Cooper says the Treasury Department must still work out the details, but he’s hopeful about revisions expected by March.
Widespread SAF use could open a 36-billion-gallon market for biofuels like corn ethanol. Cooper says that would help to keep the renewable fuels industry strong despite some drivers transitioning away from liquid fuels in the motor vehicle fleet.
The COP 28 Climate Summit in Dubai agreed to triple the use of renewable fuels by 2030 and phase out fossil fuels by 2050.
