(Advanced Biofuels Canada) Target increase anticipated by January 2023, other amendments in 2024 — Advanced Biofuels Canada applauded the British Columbia government’s progress towards the expansion and update of the province’s single most impactful climate initiative.
Following the June 2022 passage of a new Low Carbon Fuels Act, the government announced that it is finalizing plans to amend the current 2030 reduction target for the Low Carbon Fuel Standard from 20% below 2010 emissions levels, to 30% by 2030. In addition to deepening the reduction target, the Ministry of Energy, Mines, and Low carbon Innovation (EMLI) will propose a new non-compliance penalty rate above the current $200/tonne.
“BC’s progressive policies continue to drive new announcements for low carbon fuel production in the province, said Ian Thomson, ABFC President. “BC’s leadership has created reassuring conditions for cleantech investors and project developers, as the federal government’s Clean Fuels Regulations get off the ground, and neighboring Washington State moves steadily toward its own stringent clean fuel program.
“We’re witnessing an inflexion point, where California and Oregon are also looking to revise upward the stringency of their LCFS as technologies have matured and are being scaled rapidly, and key players – traditional refiners – are leading the rush to build new capacity. Drop-in fuels and new feedstocks coming into the market are changing the game. BC’s reduction targets will be in line with other Pacific coast states, and we can expect to see more competition from renewable fuels that can moderate high fuel prices. We look forward to working with EMLI and other stakeholders to secure an on-time, meaningful new LCFS regulation.”
Advanced Biofuels Canada/ Biocarburants avancés Canada is the national voice for producers, distributors, and technology developers of advanced biofuels. Our members are global leaders in commercial production of advanced biofuels and renewable synthetic fuels, with over 23 billion litres of installed annual capacity worldwide. Our members include Canada’s leading advanced biofuels producers and technology innovators and are actively developing new clean liquid fuels production and distribution assets and operations in Canada. READ MORE
British Columbia to update and expand successful Low Carbon Fuel Standard regulation (Advanced Biofuels Canada)