From 1647270d188e28fe54866ceee59ba4b8e6d44c98 Mon Sep 17 00:00:00 2001 From: Janette Garrido Date: Sat, 11 Jan 2025 19:24:51 +0000 Subject: [PATCH] Add US EPA Says it is Auditing Biofuel Producers' Pre-owned Cooking Oil Supply --- ...fuel Producers%27 Pre-owned Cooking Oil Supply.-.md | 10 ++++++++++ 1 file changed, 10 insertions(+) create mode 100644 US EPA Says it is Auditing Biofuel Producers%27 Pre-owned Cooking Oil Supply.-.md diff --git a/US EPA Says it is Auditing Biofuel Producers%27 Pre-owned Cooking Oil Supply.-.md b/US EPA Says it is Auditing Biofuel Producers%27 Pre-owned Cooking Oil Supply.-.md new file mode 100644 index 0000000..c0ed156 --- /dev/null +++ b/US EPA Says it is Auditing Biofuel Producers%27 Pre-owned Cooking Oil Supply.-.md @@ -0,0 +1,10 @@ +
By Leah Douglas
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Aug 7 (Reuters) - The U.S. Epa has actually [launched investigations](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) into the supply chains of a minimum of 2 renewable fuel producers amidst industry concerns that some may be using deceitful feedstocks for [biodiesel](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) to secure [rewarding government](https://forest500.org/rankings/companies/mission-newenergy-limited) aids.
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[EPA spokesperson](https://www.crunchbase.com/organization/mission-newenergy) Jeffrey Landis told Reuters that the company has actually launched audits over the past year, but decreased to [recognize](https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) the companies targeted due to the fact that the investigations are [continuous](https://www.bloomberg.com/profile/company/MNELF:US).
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The production of [biodiesel](https://biodieselmagazine.com/articles/felda-global-buys-missions-kuantan-port-plant-for-11-5-million-9053) from sustainable ingredients, like used cooking oil, can earn refiners a variety of state and federal environmental and aids, including tradable credits under a program administered by the EPA called the Renewable Fuel Standard. But fears have actually been mounting that some [products labeled](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) as utilized cooking oil are in fact cheaper and less sustainable virgin palm oil, a product that is associated with deforestation and other [ecological damage](https://www.businessnews.com.au/Company/Mission-NewEnergy).
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The problem entered into focus following a rise in used cooking oil exports from Asia recently that experts have actually stated includes unrealistically high volumes relative to the amount of [cooking](https://www.pinterest.com.au/missionnewenergy/) oil used and recuperated in the region. The European Union is likewise examining feedstocks over the [scams concerns](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html).
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The EPA audits started after the agency updated domestic supply-chain accounting requirements in July 2023 for eco-friendly fuel manufacturers seeking to [earn credits](https://pitchbook.com/profiles/company/51278-86) under the RFS, he stated.
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"EPA has carried out audits of renewable fuel producers given that July 2023 that includes, among other things, an assessment of the areas that used cooking oil utilized in sustainable fuel production was collected," he said. "These examinations, however, are ongoing and we are not able to talk about continuous enforcement investigations."
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U.S. senators from farm states have actually required more oversight of [biofuel](https://stocktwits.com/symbol/MNEL) feedstocks, saying [federal agencies](https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/) must be as [extensive](https://forest500.org/rankings/companies/mission-newenergy-limited) in [verifying imports](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) as they are [auditing](https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) [domestic supply](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) chains.
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"The Biden administration has created vigorous requirements to verify, not just trust, American manufacturers, and it is vital that the exact same analysis is applied to imported feedstocks," 6 U.S. senators, led by Roger Marshall and Sherrod Brown, wrote in a June 20 letter to [federal firms](https://www.energy-xprt.com/companies/mission-newenergy-limited-36048).
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Another letter from 15 senators to the Treasury Department on July 30 prompted the administration to leave out [imported feedstocks](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) like UCO from an additional clean fuel tax [credit program](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) passed in the Inflation Reduction Act. (Reporting by Leah Douglas in Washington Editing by Richard Valdmanis and Matthew Lewis)
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