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Governors' Biofuels Coalition
NEWS UPDATE May 27, 2021

Today’s Biofuels News will not publish on Memorial Day.   It returns Tuesday, June 1.

Top Story

A Dutch court rules that Shell must step up its climate change efforts.

By Stanley Reed and Claire Moses, New York Times  •    •  Posted May 31, 2021

A Dutch court ruled Wednesday that Royal Dutch Shell, Europe’s largest oil company, must accelerate its efforts to reduce carbon dioxide emissions to tackle climate change. The District Court in The Hague ruled that Shell was “obliged” to reduce the carbon dioxide emissions of its activities by 45 percent at the end of 2030 compared with 2019. Shell has already adopted targets for emissions reduction, but the terms of the court’s decision could require the company to substantially accelerate the process of reducing emissions-producing fuels like oil and gas. [ read more … ]

RFS

Exclusive-Delta Air makes $350 million gamble as it lobbies Biden on fuel credits

By Jarrett Renshaw, Reuters  •    •  Posted May 27, 2021

Delta Air Lines Inc has stopped buying the credits its oil refining arm needs to comply with U.S. biofuel laws, leaving it with a $346 million liability at the end of the first quarter, as it tries to persuade the White House to ease its obligations, according to previously unreported financial filings and sources familiar with the matter. The decision to suspend buying is a risky gamble by the airline as these credits hit record highs and Delta works to convince the White House to ease its obligations to comply with the U.S. Renewable Fuel Standard (RFS), the sources said. [ read more … ]

John Deere counsel discusses key issues before Congress

By Martha Blum, Agrinews  •    •  Posted May 27, 2021

“The demand for corn ethanol would be significantly impacted by a switch over from liquid transportation fuels to electric vehicles, but we also know the transition is going to happen over many decades,” Rauber said. “We’re trying to demonstrate the higher blend gasoline with ethanol is the cleanest burning liquid transportation fuel available, so ethanol has a really important place in this discussion,” he said. “Congresswoman (Cheri) Bustos introduced legislation last year to promote certification of higher ethanol blend fuels.”
[ read more … ]

Markets

Shell, Exxon Decisions Highlight Rethink in Energy Investment

By Anna Hirtenstein, Wall Street Journal  •    •  Posted May 27, 2021

A Dutch court’s demand that Royal Dutch Shell PLC slash carbon emissions is casting a spotlight on how investors approach oil companies and their strategies to manage climate risks. In one particular corner of the market—bonds issued by oil companies including Shell—investors appear to be juggling their holdings to get ahead of possible changes.On the same day, Exxon Mobil Corp. shareholders elected board members nominated by an activist investor that wants the oil giant to prepare for a post-fossil-fuel world. [ read more … ]

Poll: Fossil fuel phaseout unpopular across age, party divide

By Nick Sobczy, E&E News  •    •  Posted May 27, 2021

Younger Americans are significantly more likely to be engaged on climate change policy, but the issue is still plagued by massive partisan divides, according to new survey data from the Pew Research Center. Overall, 64% of those polled said addressing climate change should be a priority, but the majority also oppose phasing out fossil fuels entirely, preferring a mix of energy resources for the future. [ read more … ]

Millions hit road for Memorial Day with gasoline prices at 7-year high

By Marcy Deluna, Houston Chronicle  •    •  Posted May 27, 2021

Higher prices at the pumps are not going to stop Tyler Kuzniarek and his family from jumping in his Ford F-250 and heading to Austin this Memorial Day weekend. After more than a year of pandemic living, they are more than ready to get out of the house. Kuzniarek, however, said he expects to scale back on some of his weekend plans because rising gasoline prices are taking a bigger chunk of his paycheck. He estimates the 330-mile roundtrip drive to Austin will cost him about $180 in gasoline, on top of the $240 a week he’s spending on gas to commute from Cypress to Lake Jackson for work. [ read more … ]

EVs

Senate Panel to Advance Electric Car, Clean Energy Tax Credits

By Laura Davison, Bloomberg  •    •  Posted May 27, 2021

The Senate Finance Committee can advance a $259.5 billion package of clean energy tax credits that includes $31.6 billion in consumer incentives for electric cars and would end tax breaks used by the fossil fuel industry. The legislation would overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions. The legislation provides tax credits for electricity production and investments, tax breaks for energy efficient homes and buildings and incentives for transportation, including electric cars and clean fuels.
[ read more … ]

Ford expects 40% of global sales to be electric vehicles by 2030

By Chris Isidore, CNN Business  •    •  Posted May 27, 2021

Ford is doubling down on electric vehicle development, announcing Wednesday it will invest $30 billion in electrification efforts by 2025. The automaker also pledged that 40% of its vehicles sold by 2030 will be electric. Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two new battery factories in a joint venture with Korean battery maker SK innovation. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.