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Time For EPA To Allow Fuel Credits For Renewable Electricity
Law360 (April 23, 2021, 5:25 PM EDT) For more than a decade, the federal Renewable Fuel Standard, or RFS, has provided powerful incentives that have driven the introduction of new transportation fuels into the U.S. marketplace, through valuable credits known as renewable identification numbers, or RINs, generated for these fuels.
Ethanol and biodiesel were the first main beneficiaries of RINs. In recent years, more novel fuel types like renewable diesel, renewable natural gas and sustainable aviation fuel have begun to become more mainstream.
But the most talked-about new transportation fuel, renewable electricity, has been unable to generate RINs. This is not because doing so is prohibited.
Some key specifics: Biofuel groups are feeling better after seeing the president’s plan mention “very low carbon, new generation renewable fuels” to help achieve rapid emission reductions in both the auto fleet and aviation. USDA also announced $18.4 million for 20 states to increase sales of higher biofuel blend volumes. The Senate Agriculture Committee quickly advanced on a voice vote Thursday the Growing Climate Solutions Act, a bill that will create a certification program at USDA to set standards and help farmers qualify for a private carbon-market program. While touting plans to increase Conservation Reserve Program (CRP) enrollment by 4 million acres, USDA leaders are also defending against criticisms a Biden plan called 30 x 30 conserving 30% of land and water by 2030. Republicans are increasingly raising complaints about federal land expansion, but U.S. Agriculture Secretary Tom Vilsack insisted the plan is not “a land grab.”
The United States can reduce its greenhouse gas emissions 50% by the end of this decade, said President Biden at an Earth Day summit intended to spark global action on climate change.
Biden sets 50 percent carbon reduction target by 2050 for US : Biofuels Digest biofuelsdigest.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biofuelsdigest.com Daily Mail and Mail on Sunday newspapers.
Matt Lucey
Regarding Oil industry games in the Delaware Valley are played out, April 8:
Jan Koninckx’s recent missive in The News Journal that criticized PBF Energy’s stance on the federal Renewable Fuel Standard or RFS was a misrepresentation of a broken federal program that threatens the viability of America’s refining sector. If the RFS’ flaws are not addressed, American energy security and good-paying refinery jobs will continue to be at risk, including thousands of jobs in Delaware.
At its core, the RFS is currently a $25 billion stealth tax that two parties pay you the consumer and merchant refiners like PBF Energy. Instead of going to the government to fund infrastructure, the proceeds subsidize large, integrated oil companies and large retailers for simply engaging in their core, profitable businesses.