Add US EPA Says it is Auditing Biofuel Producers' Secondhand Cooking Oil Supply
commit
abd31b899c
|
|
@ -0,0 +1,10 @@
|
||||||
|
<br>By Leah Douglas<br>
|
||||||
|
<br>Aug 7 (Reuters) - The U.S. Epa has into the [supply chains](https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) of at least 2 renewable fuel producers amidst market issues that some may be utilizing deceptive feedstocks for [biodiesel](https://www.crunchbase.com/organization/mission-newenergy) to protect financially rewarding government subsidies.<br>
|
||||||
|
<br>EPA spokesperson Jeffrey Landis informed [Reuters](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) that the company has launched audits over the previous year, but declined to identify the business targeted since the investigations are continuous.<br>
|
||||||
|
<br>The production of [biodiesel](https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) from [sustainable active](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) ingredients, like [utilized cooking](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) oil, can earn refiners a multitude of state and federal environmental and climate aids, [consisting](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) of tradable credits under a program [administered](https://forest500.org/rankings/companies/mission-newenergy-limited) by the EPA called the Renewable Fuel [Standard](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm). But fears have actually been mounting that some products labeled as utilized cooking oil are really more affordable and less sustainable virgin palm oil, a product that is associated with deforestation and other environmental damage.<br>
|
||||||
|
<br>The problem came into focus following a rise in [utilized cooking](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) oil exports from Asia in the last few years that analysts have actually stated includes unrealistically high volumes relative to the [quantity](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) of cooking oil utilized and recuperated in the region. The European Union is likewise [examining feedstocks](https://forest500.org/rankings/companies/mission-newenergy-limited) over the fraud concerns.<br>
|
||||||
|
<br>The EPA audits started after the company updated domestic supply-chain accounting requirements in July 2023 for sustainable fuel producers seeking to [earn credits](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) under the RFS, he said.<br>
|
||||||
|
<br>"EPA has conducted audits of renewable fuel producers given that July 2023 which includes, among other things, an assessment of the areas that utilized cooking oil used in sustainable fuel production was collected," he said. "These examinations, however, are ongoing and we are not able to go over ongoing enforcement examinations."<br>
|
||||||
|
<br>U.S. senators from farm states have called for more oversight of [biofuel](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) feedstocks, saying [federal companies](https://www.pinterest.com.au/missionnewenergy/) must be as [strenuous](https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) in confirming imports as they are auditing domestic supply chains.<br>
|
||||||
|
<br>"The Biden administration has actually developed vigorous standards to validate, not just trust, American producers, and it is vital that the exact same analysis is applied to imported feedstocks," six U.S. senators, led by [Roger Marshall](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) and Sherrod Brown, wrote in a June 20 letter to federal companies.<br>
|
||||||
|
<br>Another letter from 15 [senators](https://pitchbook.com/profiles/company/51278-86) to the Treasury Department on July 30 advised the administration to omit imported [feedstocks](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) like UCO from an additional tidy fuel tax credit program passed in the Inflation [Reduction](https://www.google.com/search?kgmid=/m/0cqd_rb) Act. (Reporting by Leah Douglas in Washington Editing by Richard Valdmanis and [Matthew](https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) Lewis)<br>
|
||||||
Loading…
Reference in New Issue