The U.S. Department of Agriculture (USDA) selected Gevo’s Climate-Smart Farm to Flight proposal for grant funding up to $30 million. One of the 70 projects selected by the USDA, our project has two goals: First, it will seek to create critical structural climate-smart market incentives for low carbon-intensity corn. Second it will explore ways to accelerate the production of sustainable aviation fuel to reduce the dependence on fossil-based fuels.
The grant announcement falls under the first pool of the Partnerships for Climate-Smart Commodities, which is a funding opportunity totaling $2.8 billion. Gevo is honored that our proposal was selected for funding and we look forward to working with our great team of partners to lower our carbon footprint throughout the SAF business system of producing SAF while delivering high-quality carbon accounting and rewarding growers.
With a focus on the importance of immutable tracking and tracing of carbon-intensity scores beginning at the farm level, through the production of SAF, all the way to the purchase by an airline, we plans to accomplish our goals in part by through further development and implementation of Verity Tracking, which is a blockchain-enabled solutions platform for carbon tracking throughout the entire business system.