North American Clean Fuels Markets Are Doubling in 2023 and Demand Dynamics will Impact California’s LCFS Market

Washington Clean Fuels Standard (CFS) has gone live and Canada Clean Fuels Regulation (CFR) is coming up. This will impact California’s Low Carbon Fuel Standard (LCFS) volume and prices as biofuel developers look at the trade-off for supplying Washington and Canada.

With these two new markets going live in 2023, fuel for over 70 million vehicles will be covered by a clean fuels standard. This is literally doubling the market for clean fuels and alternate pathways overnight. Alternate fuel providers will have more alternatives and it remains to be seen how this will play out. Specifically, Renewable Diesel (RD) is likely to face a shortage. In California, we are expecting a continued rapid uptake of renewable diesel in the coming years with demand reaching around 3.15 billion gallons per year in 2030.

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