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Gevo, Inc. (NASDAQ:GEVO) issued the following statement regarding the release of the U.S. Department of Treasury's guidance on the 40B sustainable aviation fuel (SAF) tax credit.
"Gevo greatly appreciates the Biden Administration's intent to use the Argonne GREET method and model for sustainable aviation fuel (SAF). Today's guidance is a much-needed step forward for SAF investment and innovation. Designating GREET for the 40B credit sets an accurate, science-based precedent for transparent carbon accounting across the SAF supply chain, from farm fields to the end use of the fuel. The details and certainty matter. Therefore, we look forward to reviewing the complete GREET update upon release to ensure it maintains the data-driven integrity, especially on indirect emissions, necessary to support SAF investment, properly value agriculture's contributions and cut aviation emissions.
We also thank the Administration for its advocacy for climate-smart agriculture and the tools and policies that recognize and account for U.S. farmers' stewardship of the land and contribution to cleaner flight," stated Dr. Patrick Gruber, CEO of Gevo.
SAF with greenhouse gas emissions that are least 50% lower than conventional aviation fuel will qualify for tax credits created by the Inflation Reduction Act (IRA). The current Argonne National Laboratory Greenhouse Gases, Regulated Emissions and Energy use in Technologies (GREET) lifecycle analysis method and model, with its Carbon Calculator for Land Use Change from Biofuels Production (CCLUB) and its Feedstock Carbon Intensity Calculator (FD-CIC) tools, enables more precise measurement of SAF carbon intensity, accurately counting carbon reduction benefits of agricultural feedstocks at the field level.
The Department of Treasury is expected to release a final GREET model that will be used for the tax credit no later than March 1, 2024. We believe science-based methodologies must account for emissions reductions of feedstock production, encompassing climate-smart agriculture, to acknowledge and incentivize carbon reduction efforts across the value chain. A growing market for SAF made from low-carbon feedstocks is expected to open up new markets for American farmers to sell their products.
For more information on the Treasury Department's guidance, visit https://home.treasury.gov/news/press-releases/jy1998, and to learn more about Gevo's focus on carbon accounting, visit www.gevo.com/ira.
