March 15, 2024

Summary of the Q3 2023 CARB LCFS Report

The California Air Resources Board (CARB) releases quarterly updates on the Low Carbon Fuel Standard (LCFS) to provide an overview of its progress in promoting the adoption of low-carbon fuels. Implemented in 2011, the LCFS incentivizes California fleet owners to transition to electricity and other alternative fuels through the use of credit generation and energy rebates. This article provides a summary of the most recent CARB LCFS report, which covers Quarter 3 of 2023.

Q3 2023 Data Summary

In Q3 of 2023, LCFS credit generation continued to increase, outpacing credit deficits from fuel suppliers. This has continued a trend first seen in Q3 of 2021, where credit generation outpaces deficits, leading to a cumulative bank—the total net accumulated credits—of 20.58 million metric tons (MT) of credits. This credit surplus underscores the success of the LCFS and the widespread adoption of low-carbon fuels across California, which has been steadily growing in recent years.
graph showing growth of credit generation and deficits
Credit generation steadily increases and outpaces credit deficits generated by fuel suppliers, leading to an increasing cumulative bank of credits.
Source: California Air Resources Board In addition to the credit surplus, CARB’s Q3 report also showed a continued increase in renewable diesel, electricity, and biomethane as common low-carbon fuels. These fuels made up the majority of credit generation, with over 3 million MT of carbon offset by renewable diesel alone. This is consistent with previous data from CARB, showing a continued increase in these fuels as the use of other alternative fuels like biodiesel and ethanol decrease. Electricity as a fuel was the second highest credit generator, which likely comes with the increasing access to electric vehicle (EV) charging stations across the state, as well as funding opportunities that incentivize the transition to electric.
graph showing the percentage of fuels generating LCFS credits
Renewable diesel, electricity, and biomethane increase in their relative credit generation in the LCFS, while other low-carbon fuels steadily decline in their usage.
Source: California Air Resources Board
line graph depicting the credits generated by fuel type
Renewable diesel, electricity, and biomethane continue an exponentially growing trend of credit generation and carbon offset, while other low-carbon fuels have seen little change in their usage since 2019.
Source: California Air Resources Board As the usage of these fuels becomes more prominent throughout California’s transportation industry, fleet owners can take advantage of the improving access to low-carbon fuels and their fueling stations. For fleet owners looking to make the transition to electric vehicles, partnering with Smart Charging Technologies offers a streamlined path to enrolling in the LCFS, ensuring compliance and maximizing the financial benefits. Learn how fleet owners can take advantage of the Low Carbon Fuel Standard and start generating credits today.

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