The National Biodiesel Board says it’s taken “another step towards stabilizing the RIN market” by launching an integrity service with Louisville, Ky.-based Genscape.
A RIN is a renewable identification number, part of a U.S. EPA system designed to keep track (and hence award credits) for biodiesel sales.
“A handful of isolated fraud cases have paralyzed the biodiesel RIN markets, but the launch of a comprehensive auditing and real-time monitoring program will give the market a great deal of confidence,” NBB president Joe Jobe said in announcing the initiative with Genscape.
NBB says that its RIN Integrity Task Force, “made up of obligated parties, blenders, retailers, and small and large biodiesel producers,” helped develop the voluntary program with Genscape to provide “transparency and integrity to the marketplace.”
The new Integrity Network dashboard allows subscribers to do their due diligence with real-time information on participating biodiesel producers through a user-friendly, online service.
Bad Apples Aside, the RIN System Is Working, NBB says
The dashboard, states a joint release, “allows subscribing parties to cheaply and easily tell whether an individual biodiesel producer’s RINs have been verified through the Genscape system.”
Currently there have been more than 70 full registrations and 15 obligated parties have signed up to trial the service.
“Overall, the Renewable Fuel Standard is working just as Congress intended to diversify our energy supplies and create American jobs,” Jobe said, “as demonstrated last year when the biodiesel industry produced a record of more than 1 billion gallons of fuel and supported more than 39,000 jobs.”
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