U.S. energy firms push states for carbon markets to spur renewable fuel growth

December 13, 2021

U.S. energy companies are pressing states to speed development of low-carbon fuel markets, warning that numerous proposed projects to make renewable natural gas and other biofuels may fizzle.

State programs, led by California’s Low Carbon Fuel Standard (LCFS), reward fuel producers for decarbonizing by producing renewable fuels, who have responded by ramping up their production of such “greener” supply.

As a result, the price of credits that refiners and other polluters can generate has dropped sharply – thereby making it less likely that companies will invest in more production facilities in coming years.

(…) Stakeholders are now eying New York, which may adopt a policy backed by the New York Climate Action Council that would call for significantly increased investment in renewable diesel through 2030.

“The replacement of diesel with renewable diesel and green hydrogen will reduce harmful fine particulate matter emissions in disadvantaged communities,” the council said in a draft plan released in October.

Read more here.

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