For Immediate Release
Contact: Kaleb Little/NBB
JEFFERSON CITY - The US biodiesel industry on Friday took another step towards stabilizing the RIN market with the launch of the Genscape RIN Integrity NetworkTM dashboard. The National Biodiesel Board's RIN Integrity Task Force has worked diligently with the petroleum industry to provide a solution to the uncertainties in the RIN market.
The RIN Integrity Task Force, made up of obligated parties, blenders, retailers, and small and large biodiesel producers, helped guide the development of a voluntary, private sector program that would provide transparency and integrity to the marketplace.
"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 in any biodiesel producer that is participating in the Genscape program," said National Biodiesel Board CEO, Joe Jobe.
The RIN Integrity NetworkTM dashboard allows obligated parties who subscribe to the Genscape service to do their due diligence with real-time information on participating biodiesel producers through a user-friendly, online information service. This "dashboard" allows subscribing parties to cheaply and easily tell whether an individual biodiesel producer's RINs have been verified through the Genscape system.
"Genscape has been happy to work with the biodiesel and petroleum industries to develop a new market platform to independently validate RINs and promote integrity for producers in this important growing market," said Genscape chief operating officer Robert Barton.
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 - 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," Jobe added.
Made from an increasingly diverse mix of resources such as recycled cooking oil, vegetable oils and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is the first and only commercial-scale fuel produced across the U.S. to meet the Environmental Protection Agency's definition as an Advanced Biofuel - meaning the EPA has determined that it reduces greenhouse gas emissions by more than 50 percent when compared with petroleum diesel. It is produced in nearly every state in the country and last year supported more than 39,000 jobs and $3.8 billion in GDP, according to a recent study conducted by Cardno ENTRIX, an international economics consulting firm. NBB is the U.S. biodiesel trade association.
# # # For more details on biodiesel's benefits, including economic and job boosts, energy security, and environmental, visit biodiesel.org.