Article Summary –
A new group, the SAF Coalition, aims to lobby lawmakers to extend a tax credit from the Inflation Reduction Act to increase the production of sustainable aviation fuel. The coalition, made up of almost 40 large airlines, airports, manufacturers, and biofuel producers, is forming at a crucial time when airlines are struggling to meet emission reduction goals without additional support from Congress. The current program supporting the production of sustainable aviation fuel, one of the potential solutions to decarbonizing a highly polluting sector, is set to expire in 2024.
New Lobby Group to Expand Inflation Reduction Act Tax Credit for Sustainable Aviation Fuel
A new coalition intends to lobby for the extension of an Inflation Reduction Act (IRA) tax credit to increase production of sustainable aviation fuel (SAF).
The SAF Coalition is comprised of nearly 40 significant airlines, airports, manufacturers, and biofuel producers. They’re unifying at a crucial time for the industry, as airlines strive to fulfill ambitious emissions reduction pledges. However, they need more Congressional support to achieve their goals.
Unlike most clean energy tax credits included in the IRA 2022 that span 10 years, the program to increase production of this emerging fuel source, crucial to decarbonizing one of the world’s most polluting sectors, will end in 2024.
Post-2024, incentives to produce SAF will be included in the Clean Fuels Production Credit, which is set to sunset in 2027.
—
Read More Kitchen Table News