USDA To Invest $500 Million for Homegrown Biofuels as Part of Investing in America Agenda

The USDA has announced its plans to invest up to $500 million from President Biden’s Inflation Reduction Act to expand the availability of domestic biofuels. The USDA provided $50 million from the Inflation Reduction Act in December 2022 to increase the use and accessibility of higher-blend biofuels via the Higher Blends Infrastructure Incentive Program (HBIIP). The first round of funding, which amounts to $25 million, has been awarded to 59 infrastructure projects, and grants for $450 million will be available from July. The grants aim to support the installation and upgrade of biofuel-related infrastructure, such as pumps, dispensers, and storage tanks, which will increase the annual sales of biofuels in fueling stations and distribution facilities. This will provide Americans with cleaner fuel options and strengthen energy independence. The EPA’s recent decision to finalize the highest-ever biofuel production targets is expected to deliver stability and growth in this industry for years to come.

resource: https://esgnews.com/usda-to-invest-500-million-for-homegrown-biofuels-as-part-of-investing-in-america-agenda/

MICRO-LEARNING

Learn with us in small steps

Find out more about us