The low-carbon fuel offers up to 78 percent fewer greenhouse gases and a pathway for helping New York achieve climate goals
New York’s ambitious climate change goals have been well documented – the state is striving for an 85% reduction in greenhouse gas emissions by 2050, with an interim target of 40% by 2030. Less clear is how the state plans to achieve its goals.
Enter Global Partners LP (NYSE: GLP). The regional energy leader is bringing renewable diesel (RD) into its terminal in Albany, New York, a short drive away from the policymakers on State Street. The RD and RD blends will be sold wholesale for a limited time. Global views it as an important moment for several reasons.
“Renewable diesel and other low-carbon fuels are critical to a timely energy transition. These fuels can deliver on carbon goals today, and we’ve positioned our terminals to move them. We’re excited to bring RD into New York to evaluate interest with customers. We hope the state takes a close look at low-carbon fuel programs that may help to accelerate an efficient energy transition,” said Mark Romaine, Chief Operating Officer, Global Partners.
The customers are buying. Frank Roberts, President of Roberts Energy, and owner of Brown Bear Transportation and Abenaqui Carriers is excited by the opportunity.
“It is rare to find renewable diesel in New York. That’s why we are excited by this offering and why we immediately purchased renewable diesel from Global. The product performs quite well. Our customers – including Connecticut Mulch and Goulet Trucking – love the story and the reduced emissions. It’s truly a win-win.”
RD is widely available in California and other West Coast states where low-carbon fuel standards have helped to encourage and incentivize the use of renewable fuels. For example, 37.3% of the California diesel market is RD1. Across New England, despite bold climate goals set by many states, RD and other renewable fuels are uncommon, in part because of a lack of policy incentives.
Mike McAdams, President of the Advanced Biofuels Association, sees a tremendous opportunity for the state of New York.
“Advanced biofuels, and renewable diesel specifically, are the low-hanging fruit in the carbon reduction options at this time. They are the bedrock for laying the groundwork of carbon reduction and the percentage of low carbon fuels in our transportation use. I applaud Global Partners for their strategic vision for their customers,” said McAdams.
For its part, Global just wants to do more. The company has a proposal pending at the New York Department of Environmental Conservation that, if approved, would allow it to store and move more renewable fuels in exchange for lowering its storage and throughput of traditional fuels at its terminal in Albany.
About Renewable Diesel
Renewable diesel is a fully renewable diesel fuel that, according to the EPA, can reduce greenhouse gas emissions by up to 78% on a per-gallon basis compared to fossil diesel. Renewable diesel uses a wide range of fats, oils and waste products from the food and restaurant industries to create a fuel that performs as well as fossil diesel –without the environmental impact. Renewable diesel is a drop-in fuel that’s compatible with current storage tanks and diesel engines without any modifications.
About Global Partners LP
With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of liquid fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
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