September 10, 2023
Oregon’s Clean Fuels Program (CFP): How The CFP Credit Market Works
Oregon’s Clean Fuels Progam
The Clean Fuels Program is designed to encourage the widespread adoption of low-carbon and alternate fuels throughout the transportation sector, particularly electric, renewable gas and diesel, and hydrogen fuels. Fossil-based fuel suppliers throughout Oregon are required to lower the carbon intensity (CI) of their fuels to meet annual benchmarks, or purchase CFP credits to offset their carbon deficits. Suppliers of low-carbon fuels, including owners of electric vehicle (EV) chargers, can earn CFP credits for their reduced emissions, which can be sold to fuel suppliers in a deficit. Earning CFP credits can enable owners of EV forklifts and charging stations to earn additional revenue simply by utilizing their electric vehicles.The CFP Credit Market
The CFP credit system is the cornerstone of Oregon’s Clean Fuel Program, driving the transition towards low-carbon and alternative transportation fuels. The CFP credit system rewards fuel producers—including owners of EV charging stations—for supplying fuels with a lower carbon intensity than the annual standards set by the program. Credit generators earn credits based on the amount of GHG emissions offset by utilizing electric vehicles and MHE, with one credit earned for every metric ton of carbon they offset through their EVs. This trading system creates a marketplace where the value of credits is determined by market dynamics between fossil-based fuel suppliers and suppliers of electric and low-carbon fuels, fostering economic competition that leads to reduced carbon emissions throughout the transportation sector. However, the value of credits is subject to fluctuation due to the supply and demand of the market, which can lead to credit generators missing out on earnings if they’re not well-versed in the credit market.Optimizing Your Earnings
Credit generation is a viable and efficient way for EV fleet and charger owners owners to earn additional revenue through their fleets and electric equipment. While fleets of any size can participate in the program, fleet owners generate more credits with every EV they own, including:
- Forklifts
- Buses
- Trucks
- Cars
- Transportation refrigeration units (TRUs)
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