May 13, 2021 01:09 AM EDT
RIEDEN, GERMANY - JUNE 11: A Tesla electric-powered sedan stands at a Tesla charging staiton at a highway reststop along the A7 highway on June 11, 2015 near Rieden, Germany. Tesla has introduced a limited network of charging stations along the German highway grid in an effort to raise the viability for consumers to use the cars for longer journeys.
(Photo : Photo by Sean Gallup/Getty Images)
Renewable fuel credits are primarily sought out by companies still in the business of selling non-renewables but must contribute in some way to the reduction of carbon emissions. These credits come in the form of Renewable Identifications Numbers (RIN), which are generated by renewable fuel companies but can be separated for a non-renewable vendor s compliance with the Renewable Fuel Standard (RFS) program.
Green Plains Inc. on Thursday, April 29, announced that all four of its Nebraska biorefineries and its biorefinery in Shenandoah, Iowa, have entered into a long-term carbon offtake agreement with Summit Carbon Solutions, a subsidiary of Summit Agricultural Group.
Report: Tesla Plans To Enter US Renewable Fuel Credit Market
May 13, 2021 at 8:45am ET ++
According to a recent exclusive report by
Reuters, Tesla has applied to enter the highly profitable renewable credit market in the US. The market is currently dominated by ethanol producers, but Tesla could stand to benefit from it in a major way. Of course, like most mainstream media reports about Tesla, the information comes from sources familiar with the matter, two unnamed sources, to be precise.
If Tesla s application is a reality, and it s accepted by the Environmental Protection Agency (EPA), it could help the Biden administration move more quickly toward its zero-emissions goals. The report goes on to say that Tesla is one of a total of eight or more companies that have submitted a related application to the EPA.
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REUTERS/Aly Song/File Photo/File Photo
Tesla is looking to enter the US market for renewable energy credits, unnamed sources told Reuters.
The program is currently dominated by ethanol producers, but the White House is expected to include EV makers soon.
The move could anger oil-refining companies, which will need to buy the credits from Tesla.
Tesla is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration s march toward new zero-emission goals, two sources familiar with the matter said.
The electric car maker is one of at least eight companies with a pending application at the Environmental Protection Agency tied to power generation and renewable credits, the sources said. The EPA produces a list of pending applications with some details, but not companies names.