Tuesday, December 17, 2019
SIOUX FALLS, SD (December 17) – Today the Georgetown Climate Center’s Transportation and Climate Initiative (TCI) released a draft memorandum of understanding (MOU) outlining recommendations to reduce greenhouse gas emissions in the transportation sector. The TCI is a regional collaboration of 12 Northeast and Mid-Atlantic jurisdictions that seeks to enhance the clean energy economy, improve transportation, and reduce carbon emissions in the transportation sector.
Central to the TCI MOU is a cap-and-invest model created to reduce emissions and encourage investments in more affordable and environmentally friendly options. While the specific details and jurisdictions are still being developed, the MOU touches on important concepts for the biofuels industry. The TCI model would regulate the fossil fuel components of liquid fuel, capping the CO2 emission level and reducing the cap over time. Through this structure, TCI encourages the use of low carbon fuels, like ethanol, and recognizes that biofuels align with their goals by providing a readily available, affordable, environmentally friendly replacement for petroleum products.
POET commends the work of TCI and their acknowledgement of the benefits that low carbon fuels play in addressing global issues like climate change.
“Greater use of biofuels is necessary to secure near-term environmental and health benefits for low-income communities that are disproportionally impacted by air pollution but who are not given access to affordable and readily available solutions” said POET Senior Vice President of External Affairs & Communications Kyle Gilley. “The proposal released by TCI recognizes the contribution that low carbon fuels like ethanol have on providing these solutions and addressing climate change.”
Biofuels are already providing a means for achieving TCI’s goals of delivering a cleaner and more resilient transportation system, reducing greenhouse gases and other harmful pollutants, and benefiting those communities that are disproportionately burdened by air pollution. TCI’s recognition of this is paramount in continuing critical work to reduce climate change.
Today’s MOU is based on feedback from an initial draft released in the fall. The current version will be open for comments with a final program planned for Spring 2020.
POET, headquartered in Sioux Falls, SD, is the world’s largest biofuels producer. POET is a leader in biorefining through its efficient, vertically integrated approach to production. Started in 1987, the company today has a network of 28 production facilities across 7 states. At full run rates, POET purchases 5 % of US corn and produces 2 billion gallons of ethanol, 10 billion pounds of distillers dried grains, and 600 million pounds of corn oil annually. In 2019, Fast Company recognized POET on its annual list of “Most Innovative Companies” for transportation and FORTUNE recognized POET on its list of companies that are changing the world. For more information, visit poet.com.