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Jump to navigationJump to searchUS EPA Says It Is Auditing Biofuel Producers Pre-owned Cooking Oil Supply (view source)
Revision as of 20:44, 10 January 2025
, 10 JanuaryCreated page with "<br>By Leah Douglas<br><br><br>Aug 7 (Reuters) - The U.S. [https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price Environmental Protection..."
<br>By Leah Douglas<br><br><br>Aug 7 (Reuters) - The U.S. [https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price Environmental Protection] Agency has actually launched investigations into the supply chains of at least two eco-friendly fuel [https://pitchbook.com/profiles/company/51278-86 manufacturers] in the middle of industry concerns that some might be utilizing fraudulent feedstocks for [https://biodieselmagazine.com/articles/felda-global-buys-missions-kuantan-port-plant-for-11-5-million-9053 biodiesel] to secure financially rewarding government aids.<br><br><br>EPA spokesperson Jeffrey Landis [https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd informed Reuters] that the agency has released audits over the past year, however declined to [https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd determine] the companies targeted because the investigations are ongoing.<br><br><br>The production of [https://www.google.com/search?kgmid=/m/0cqd_rb biodiesel] from [https://www.investing.com/equities/mission-newenergy-ltd-company-profile sustainable] components, like utilized cooking oil, can earn refiners a slew of state and federal environmental and climate aids, [https://www.investing.com/equities/mission-newenergy-ltd-company-profile including tradable] credits under a program administered by the EPA called the Renewable Fuel [https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608 Standard]. But fears have been mounting that some materials identified as utilized cooking oil are actually more affordable and less [https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608 sustainable virgin] palm oil, a [https://www.businessnews.com.au/Company/Mission-NewEnergy product] that is connected with deforestation and other environmental damage.<br><br><br>The issue came into focus following a rise in [https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price utilized cooking] oil exports from Asia recently that experts have stated includes unrealistically high volumes relative to the amount of cooking oil utilized and [https://biodieselmagazine.com/articles/felda-global-buys-missions-kuantan-port-plant-for-11-5-million-9053 recovered] in the area. The European Union is also investigating feedstocks over the scams issues.<br><br><br>The EPA audits started after the firm upgraded domestic supply-chain accounting requirements in July 2023 for eco-friendly fuel manufacturers seeking to earn credits under the RFS, he said.<br><br><br>"EPA has actually performed audits of sustainable fuel manufacturers since July 2023 which includes, to name a few things, an examination of the locations that utilized cooking oil utilized in renewable fuel production was gathered," he stated. "These investigations, however, are ongoing and we are unable to talk about ongoing enforcement investigations."<br><br><br>U.S. senators from farm states have [https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608 required] more oversight of [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 biofuel] feedstocks, saying federal agencies need to be as [https://forest500.org/rankings/companies/mission-newenergy-limited rigorous] in [https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price validating imports] as they are [https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/ auditing] chains.<br><br><br>"The Biden administration has actually created vigorous standards to verify, not just trust, American manufacturers, and it is necessary that the same scrutiny is applied to imported feedstocks," 6 U.S. senators, led by Roger Marshall and [https://www.investing.com/equities/mission-newenergy-ltd-company-profile Sherrod] Brown, wrote in a June 20 letter to [https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608 federal firms].<br><br><br>Another letter from 15 senators to the Treasury Department on July 30 urged the administration to exclude imported feedstocks like UCO from an extra clean [https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html fuel tax] credit program passed in the Inflation Reduction Act. (Reporting by Leah Douglas in Washington Editing by Richard Valdmanis and Matthew Lewis)<br>
