California Approves World’s First Low Carbon Fuel Standard, Continuing Environmental Leadership
Statement attributed to Tim O’Connor, attorney for Environmental Defense Fund
While achieving the 2020 goal will require expenditures, this measure is an investment that will yield extensive returns through fuel diversification, increased resilience to fuel price fluctuations, independence from foreign fuel sources, and development of emerging businesses.
Environmental Defense Fund believes the standard is an important hedge against higher, future conventional fuel prices. By helping develop better and cheaper alternative fuel production methods, low carbon fuels will become increasingly more affordable than gasoline as increasing crude oil prices take hold.
There are many reasons why Environmental Defense Fund, which has been analyzing the concept and structure of the standard for two years, supports it. Perhaps the most beneficial aspect of the LCFS is the market based structure that gives fuel producers flexible compliance options: they can reduce their own carbon intensity or use a carbon fuel market to find reductions. This approach is designed to inspire and reward extensive and immediate reductions in the carbon intensity of fuels.
The low-carbon fuel standard is an important tool to help
Environmental Defense Fund, a leading national nonprofit organization, represents more than 500,000 members. Since 1967, Environmental Defense Fund has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. For more information, visit www.edf.org.
SOURCE Environmental Defense Fund