Renewable & Low Carbon Fuel Requirements Regulation
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Reporting Requirements: COVID-19
We recognize that this could impact day-to-day operations of regulated activities under the Greenhouse Gas Reduction (Renewable and Low Carbon Fuel Requirements) Act.
Reporting requirements under the Greenhouse Gas Reduction (Renewable and Low Carbon Fuel Requirements) Act remain in effect.
We expect all reasonable measures should be taken to comply.
Now is a good time to carefully review requirements and develop plans and contingencies to ensure operations are maintained in accordance with requirements to the extent reasonably possible.
If fuel suppliers encounter a non-compliance issue, we ask you to provide notice by email to email@example.com identifying:
- Compliance issues
- Mitigative measures being taken
We will take into consideration PHO directives and guidance in addressing non-compliances.
B.C. Low Carbon Fuel Standard
The Greenhouse Gas Reduction (Renewable & Low Carbon Fuel Requirements) Act and the Renewable & Low Carbon Fuel Requirements Regulation, known collectively as British Columbia’s low carbon fuel standard (BC-LCFS), was introduced to reduce the carbon intensity (CI) of fuels used in the province.
- The BC-LCFS sets CI targets that decline each year.
- Fuel suppliers generate credits for supplying fuels with a CI below the targets and receive debits for supplying fuels with a CI above the targets.
- The debits and credits are proportional to the emissions a fuel generates over its full life cycle.
- Credits can be traded between fuel suppliers or banked for future use.
- At the end of each compliance period, suppliers must have a balance of zero or more credits to avoid non-compliance penalties.
The credit market creates a financial incentive to reward low-carbon fuels in proportion to the amount of real, measurable emissions reductions they yield when substituted for conventional fuels. This generates revenue for low carbon transportation fuel suppliers and supports investment in clean fuels and vehicles. Visit Credit Market for more information.