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 , reward fuel producers for decarbonizing by producing renewable fuels, who have responded by ramping up their production of such "greener" supply.
That is the result of rising renewable diesel sales as refiners plan to boost output of the fuel, according to industry experts. If oversupply continues to lower the price of these credits, investor interest to build more advanced biofuel projects will wane, the industry warned. In 2020, CARB said LCFS credit generation met nearly all of the state's target reduction for carbon emissions. The LCFS sets annual carbon intensity standards, or benchmarks, which become more stringent over time.
The program would have required large gasoline and diesel suppliers to purchase auctionable “allowances” for the pollution caused by combustion of fuels sold in participating areas.
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