Tesla Inc is seeking to enter the multi-billion dollar U.S. renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals, two sources familiar with the matter said.
The electric car maker is one of at least eight companies with a pending application at the Environmental Protection Agency tied to power generation and renewable credits, the sources said. The EPA produces a list of pending applications with some details, but not companies’ names.
Tesla’s entry could potentially reshape the renewable credit market, established in the mid-2000s to boost investment in the U.S. biofuel industry. The market generated some 18 billion credits in 2020 and is currently dominated by ethanol producers. Tesla’s application would likely be tied to the production of electricity associated with biogas.
The Biden administration is expected to review the EPA applications and lay out how electric vehicles could qualify for tradable credits under the Renewable Fuel Standard (RFS) this summer, the two sources said.
The move could represent the largest expansion of the RFS program that was created by President George W. Bush and aimed at boosting rural America and weaning the country off oil imports.
The entry of Tesla and other electric vehicle makers to the renewable energy scheme could attract investment for a much-needed infrastructure network, including charging stations, for electric vehicles.
However, it is likely to anger some in the U.S. refining industry who would need to buy the credits, known as RINs, generated by Tesla and other alternative fuel providers, essentially subsidizing an electric car company that seeks to put petrochemical refiners out of business.
Rural farmers could view Tesla’s entry as the Biden White House prioritizing electric vehicles over biofuels as an answer to the climate crisis.
In 2016, just before the Obama administration exited office, the EPA published a proposal seeking comment on how best to structure credits for renewable electricity that is used as a transportation fuel.
The proposal largely sat dormant during the Trump administration, which spent most of its time on fuel credits trying to find common ground among rivals in the corn and oil industries.
Electricity from biogas – mainly pulled from the nation’s landfills – is already eligible for generating credits under the RFS program, but the EPA has never approved applications to do so because the agency hasn’t yet figured out the logistical issues.
Key questions include how to trace the credit-eligible biogas from its origin through to a car’s battery, and who along that supply chain should be allowed to claim the lucrative credits.
Under the RFS, refiners must blend biofuels like corn-based ethanol into their fuel pool or purchase compliance credits in a credit market, where prices have swung wildly in recent years.
The program has helped drive investment in ethanol plants in states like Iowa and Nebraska, but liquid fuels have been under attack from the Biden administration.
Tesla would generate the most lucrative type of credits, known as D3s, which trade at a significant premium to the larger pool of traditional ethanol credits.
As well as building electric cars, Tesla is also investing in charging stations and large-scale batteries.
(Reporting By Jarrett Renshaw and Stephanie Kelly; Editing by Heather Timmons and Richard Pullin)
Trudeau says he discussed border with Biden, but no deal
Prime Minister Justin Trudeau said on Sunday he has spoken with U.S. President Joe Biden about how to lift pandemic-related border restrictions between the two countries but made clear no breakthrough has been achieved.
U.S. and Canadian business leaders have voiced increasing concern about the ban on non-essential travel in light of COVID-19 that was first imposed in March 2020 and renewed on a monthly basis since then. The border measures do not affect trade flows.
The border restrictions have choked off tourism between the two countries. Canadian businesses, especially airlines and those that depend on tourism, have been lobbying the Liberal government to relax the restrictions.
Canada last week took a cautious first step, saying it was prepared to relax quarantine protocols for fully vaccinated citizens returning home starting in early July.
Trudeau, speaking after a Group of Seven summit in Britain, said he had talked to Biden “about coordinating measures at our borders as both our countries move ahead with mass vaccination.” Canada is resisting calls for the border measures to be relaxed, citing the need for more people to be vaccinated.
The United States is ahead of Canada in terms of vaccination totals.
“We will continue to work closely together on moving forward in the right way but each of us always will put at the forefront the interests and the safety of our own citizens,” Trudeau told a televised news conference when asked the Biden conversation.
“Many countries, like Canada, continue to say that now is not the time to travel,” Trudeau added, though he said it is important to get back to normalcy as quickly as possible.
(Reporting by David Ljunggren in Ottawa; Editing by Will Dunham)
Man with 39 wive dies in India
A 76-year-old man who had 39 wives and 94 children and was said to be the head of the world’s largest family has died in north east India, the chief minister of his home state said.
With a total of 167 members, the family is the world’s largest, according to local media, although this depends on whether you count the grandchildren, of whom Ziona has 33.
Ziona lived with his family in a vast, four-story pink structure with around 100 rooms in Baktawng, a remote village in Mizoram that became a tourist attraction as a result, according to Zoramthanga.
The sect, named “Chana”, was founded by Ziona’s father in 1942 and has a membership of hundreds of families. Ziona married his first wife when he was 17, and claimed he once married ten wives in a single year.
They shared a dormitory near his private bedroom, and locals said he liked to have seven or eight of them by his side at all times.
Despite his family’s huge size, Ziona told Reuters in a 2011 interview he wanted to grow it even further.
“I am ready to expand my family and willing to go to any extent to marry,” he said.
“I have so many people to care for and look after, and I consider myself a lucky man.”
(Reporting by Alasdair Pal and Adnan Abidi in New Delhi; Editing by Raissa Kasolowsky)
Huawei CFO seeks publication ban on HSBC documents in U.S. extradition case
Huawei Chief Financial Officer Meng Wanzhou on Monday will seek to bar publication of documents her legal team received from HSBC, a request opposed by Canadian prosecutors in her U.S. extradition case who say it violates the principles of open court.
Meng’s legal team will present arguments in support of the ban in the British Columbia Supreme Court.
Meng, 49, was arrested at Vancouver International Airport in December 2018 on a warrant from the United States, where she faces charges of bank fraud for allegedly misleading HSBC about Huawei Technologies Co Ltd’s business dealings in Iran and potentially causing the bank to break U.S. sanctions on business in Iran.
She has been under house arrest in Vancouver for more than two years and fighting her extradition to the United States. Meng has said she is innocent.
Lawyers for Huawei and HSBC in Hong Kong agreed to a release of the documents in April to Meng’s legal team on the condition that they “use reasonable effort” to keep confidential information concealed from the public, according to submissions filed by the defense on Friday.
Prosecutors representing the Canadian government argued against the ban, saying in submissions filed the same day that “to be consistent with the open court principle, a ban must be tailored” and details should be selectively redacted from the public, rather than the whole documents.
A consortium of media outlets, including Reuters News, also opposes the ban.
The open court principle requires that court proceedings be open and accessible to the public and to the media.
It is unclear what documents Huawei obtained from HSBC, but defense lawyers argue they are relevant to Meng’s case.
Meng’s hearing was initially set to wrap up in May but Associate Chief Justice Heather Holmes granted an extension to allow the defense to read through the new documents.
Hearings in the extradition case are scheduled to finish in late August.
(Reporting by Moira Warburton in Vancouver; Editing by Howard Goller)
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