The U.S. Department of Treasury announced today that it will allow a modified version of the GREET model as a measurement for determining reductions in greenhouse gas emissions as the agency allocates tax credits for sustainable aviation fuels under the recently passed Inflation Reduction Act.
The IL Corn Growers Association (ICGA) is pleased the Department of Treasury has accepted the GREET model created by the U.S. Department of Energy’s Argonne National Laboratory. Over the last three decades, ICGA has supported GREET’s annual updates and will monitor closely the improved carbon reduction scores for corn and corn ethanol.
“We are confident in the scientific data backing the GREET model and look forward to the confirmation the administration finds as they analyze it's data,” said ICGA President Dave Rylander. “The GREET model accurately depicts agriculture’s environmental role and opens a world of new opportunities for sustainable aviation fuel.”'
The decision by Treasury Secretary Janet Yellen has been eagerly anticipated since the Inflation Reduction Act was passed in 2022. The law allocates tax credits for biofuels that can demonstrate that they cut greenhouse gas emissions by 50% or more.
GREET, which stands for the Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation, was developed by the U.S. Department of Energy to measure greenhouse emissions from the field to the car or plane. “We thank Illinois’s delegation for their support in guiding the finalization of the IRA tax credit qualifications,” said Rylander. “As farmers, we look forward to continue playing a role in the decarbonization of our sector.
The updated GREET model will be released by the Sustainable Aviation Fuels Lifecycle Analysis Interagency Working Group on March 1.
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About the IL Corn Growers Association
IL Corn Growers Association is a state-based organization that represents the interests of corn farmers in Illinois, maintaining a high profile on issues in Washington, DC, and Springfield, IL. Through grassroots advocacy, ICGA creates a future for Illinois farmers in which they can operate freely, responsibly, and successfully. In order to fulfill this mission, the organization conducts governmental affairs activities at all levels, market development projects, and educational and member service programs. For further information regarding their work and involvement, visit their website www.ilcorn.org.
