Summary of the Q3 2023 CARB LCFS Report
March 15, 2024
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.
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.
Source: California Air Resources Board
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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