Fidelis New Energy Applauds Senate Bill Supporting Climate Change and Energy Security While Reducing Inflation
Fidelis New Energy, a new, clean energy asset developer, commends the Senate on passage of the Inflation Reduction Act of 2022, and urges Members of the U.S. House of Representatives to vote in favor of the bill on Friday.
This historic and transformative legislation was the result of months of negotiations, contains many hard-earned compromises and is a well-crafted bill. When passed it will provide grants and tax credits for renewable fuels used for transportation and power production, and carbon sequestration that collectively, at scale, will help decarbonize our country.
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Renewable Diesel (RD) and Sustainable Aviation Fuel (SAF), produced from natural feedstocks, the sequestration of the associated carbon dioxide and the production of clean hydrogen as a fuel supply, is a process that tackles the issue of climate change immediately and cost effectively. Increasing the clean fuel supply and sources alleviates inflation impact and increases resiliency to future energy supply shocks.
The Inflation Reduction Act of 2022 also provides the framework and certainty that the capital markets demand in order to invest the substantial capital required to develop, design and construct these assets.
“We fully support the Inflation Reduction Act of 2022,” said Dan Shapiro, CEO and co-founder of Fidelis. “This forward-thinking legislation takes a balanced approach to increase domestic energy production and improve our country’s energy infrastructure while reducing carbon emissions. We urge every Member of the House of Representatives to vote in favor of the bill as written and passed by the Senate.”