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General Category => CCFD Professional Development => Topic started by: MadonnaE96 on January 11, 2025, 05:09:20 PM
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By Leah Douglas
Aug 7 (Reuters) - The U.S. Epa has introduced investigations (https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) into the supply chains of at least two renewable (https://www.zoominfo.com/c/mission-newenergy/346542889) fuel producers in the middle of market issues that some may be using fraudulent feedstocks for biodiesel (https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) to secure rewarding (https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) federal government aids.
EPA spokesperson (https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) Jeffrey Landis informed Reuters (https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) that the company has introduced audits (https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) over the previous year, but decreased to determine the companies targeted since the examinations are ongoing.
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The production of biodiesel (https://www.investing.com/equities/mission-newenergy-ltd-company-profile) from sustainable components, like used cooking oil, can earn refiners a multitude (https://www.bloomberg.com/profile/company/MNELF:US) of state and federal environmental and climate aids, including tradable credits under a program administered by the EPA called the Renewable Fuel Standard. But fears have been installing that some materials identified (https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) as used cooking oil are in fact cheaper and less sustainable virgin palm oil, a product (https://www.crunchbase.com/organization/mission-newenergy) that is connected with deforestation (https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) and other ecological damage.
The concern entered focus following a surge in used cooking oil (https://www.zonebourse.com/cours/action/MISSION-NEWENERGY-LIMITED-8557641/) exports from Asia in the last few years that analysts have said includes unrealistically high volumes relative to the amount of cooking oil used and recovered in the region. The European Union is likewise investigating feedstocks over the fraud issues.
The EPA audits started after the agency upgraded domestic supply-chain accounting (https://forest500.org/rankings/companies/mission-newenergy-limited) requirements (https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) in July 2023 for renewable fuel manufacturers looking for to make credits under the RFS, he stated.
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"EPA has performed audits of eco-friendly fuel manufacturers considering that July 2023 which consists of, to name a few things, an evaluation of the areas that utilized cooking oil utilized in eco-friendly fuel production was collected," he stated. "These examinations, however, are continuous and we are unable to talk about continuous enforcement investigations."
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U.S. senators from farm states have actually called for more oversight of biofuel (https://stocktwits.com/symbol/MNEL) feedstocks, saying federal agencies must be as extensive in confirming imports as they are auditing domestic (https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm) supply chains (https://pitchbook.com/profiles/company/51278-86).
"The Biden administration has created energetic standards to confirm, not just trust, American manufacturers, and it is imperative that the exact same examination is used to imported feedstocks," 6 U.S. senators, led by Roger Marshall and Sherrod Brown, composed in a June 20 letter to federal firms.
Another letter from 15 senators to the Treasury Department (https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) on July 30 prompted the administration to omit imported feedstocks like UCO from an extra tidy (https://www.businessnews.com.au/Company/Mission-NewEnergy) fuel tax (https://forest500.org/rankings/companies/mission-newenergy-limited) credit program passed in the Inflation Reduction Act. (Reporting by Leah Douglas in Washington Editing by Richard Valdmanis and Matthew (https://www.crunchbase.com/organization/mission-newenergy) Lewis)