Washington, Iowa — October 23, 2023 — In a bold declaration recently, Navigator CO2 Carbon Pipeline canceled the $3.5B dollar project. This moment marks a major reflection point within the push for low carbon, American made biofuels. Lack of a pipeline leaves a gap in the decarbonization formula and forces the rest of the industry to rise to the challenge and help lower the Carbon Intensity of Ethanol using on-farm practices.
“Now is the time for conversations between farmers and biofuel companies in order to align on the 45z tax credits,” says Mitchell Hora, Continuum Ag’s CEO. “The push towards low carbon renewable fuel continues and data driven agriculture is the solution.”
Section 45Z (Clean Fuel Production Credit) as amended in the Inflation Reduction Act offers a significant tax advantage to Biofuel companies that consume “low CI grain”.
As the biofuel industry returns to work today, the focus on the end goal must not waiver. We must seize the ongoing opportunity brought about by the Inflation Reduction Act and other policies. We remain excited about the future of agriculture and of low carbon fuels. The convergence of regenerative ag and low carbon fuel poses the biggest opportunity for rural America. Continuum Ag continues to bolster its efforts, automations, and team leaving us uniquely positioned to help lead the data-driven charge, uniting farmers and biofuels to remain committed to decarbonizing American ag and energy.
“I want you all to understand this is a critical moment—a make or break moment—and if it’s not seized and not taken full advantage of, you may have a different conversation years from now,” said United States Secretary of State, Tom Vilsack. “Don’t miss this opportunity.”
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