Companies can calculate carbon intensity of commodities, deploy programs to reduce carbon intensity of biofuels feedstocks
MINNEAPOLIS (February 15, 2024) – CIBO Technologies, the company powering the transition to sustainable agriculture, today announced they intend to incorporate the Argonne National Labs Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation (GREET) model into the CIBO Impact platform. Customers will be able to use CIBO Impact to calculate the carbon intensity (CI) of commodities, including biofuels feedstocks. They can then utilize the platform to deploy grower-facing regenerative agriculture programs that reduce feedstock CI in order to claim tax credits or meet voluntary emissions reduction commitments.
Until now, scaling the application of GREET has been a challenge for the industry. CIBO’s solution will aid companies in CI-scoring commodities at the field as well as supply-shed level and simplify the collection of on-farm data. This gives commodity buyers visibility that helps them target, create and manage low-CI incentive programs for growers in their sourcing areas.
The U.S. government has announced that by March 1, 2024, they will release an updated version of GREET for sustainable aviation fuel (SAF) producers to calculate the CI score of their product and claim the Inflation Reduction Act (IRA) SAF (Section 40B) tax credit. Guidance on the IRA’s Clean Fuel Production Credit (Section 45Z) for renewable diesel and ethanol producers is forthcoming and expected to include application of GREET as well. CIBO’s GREET integration will enable renewable fuels producers to maximize their tax credits and pass on financial benefits to growers by deploying sustainable agriculture programs that incentivize carbon-reducing practices.
While the latest tax credits are an additional incentive, reducing feedstock CI is not new to the biofuels industry. Most independent producers, including all of the Renewable Fuels Association membership, have signed a pledge to be at a 70% CI discount to gasoline by 2030.
“The renewable fuels industry is taking action now to reduce fuel CI and prepare to take advantage of new tax credits,” said Daniel Ryan, CEO of CIBO Technologies. “Although GREET has been the industry standard, scaling its application remained a challenge until now. CIBO’s integration streamlines the industry’s path to maximizing tax credits, deploying programs that pay farmers, and meeting voluntary emissions reduction targets.”
For more information about CIBO Impact, please visit cibotechnologies.com.
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About CIBO
Founded by Flagship Pioneering in 2015, CIBO applies advanced software to deliver a deep understanding of agricultural systems at scale. We focus on delivering solutions that drive regenerative agriculture in order to help mitigate climate change, advance food system resilience and improve grower outcomes. CIBO is a 2021 Fast Company World Changing Ideas Awards finalist, was named 2021, 2022 and 2023 AgTech “Company of the Year,” 2023 Fast Company Brands that Matter honoree, and is a Thrive 50 company and 2023 Bold Award finalist. Learn more at cibotechnologies.com.
