California LCFS Third Quarter 2023 Update

The credit bank pushed to new highs during the third quarter of 2023 according to data released today by the California Air Resources Board. Renewable diesel continues to replace petroleum diesel at a more rapid pace than originally anticipated, resulting in credit generation vastly over CARB’s forecast.

There were 2.2 million credits added to the bank during the third quarter of 2023, bringing the cumulative total to 20.6 million credits. This was both the largest quarterly credit addition and the highest banked volume recorded. The prior quarterly record was 1.82 million credits which was reached in the third quarter of 2023. Third quarter credit generation of 8.05 million was 9.4 percent above the second quarter and 14.5 percent above the third quarter of 2022.

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