© Reuters. Electric New York City Parks Department vehicles are seen charging in Central Park in New York City, U.S., April 12, 2023. REUTERS/David Dee Delgado
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By Jarrett Renshaw and Stephanie Kelly
NEW YORK (Reuters) – The Biden administration will abandon a scheme to include the electric vehicle industry in the nation’s biofuel blending program and will remove nearly 2 billion credits the ambitious expansion was expected to generate in a final rule set to be released later this month, three sources familiar with the matter told Reuters.
The move pushes the administration further away from allowing electric vehicles to generate lucrative credits under the U.S. Renewable Fuel Standard, which companies such as Tesla (NASDAQ:TSLA) Inc have pushed for over the last two years. The EV program would have been a boost to President Joe Biden’s goal of electrifying the motor vehicle industry to fight climate change.
The White House declined to comment, and the Environmental Protection Agency, which administers the RFS, did not respond to requests for comment. The White House is currently reviewing a final rule on biofuel blending mandates for the years 2023, 2024 and 2025.
Source: Investing.com
