This analyst note provides a comprehensive overview of the Canadian Clean Fuel Regulations (CFR) and their implications for the compliance credit market. With Canada’s ambitious goal to reduce the carbon intensity of liquid fossil fuels by 15% by 2030 and achieve net-zero emissions in the transportation sector by 2050, this report delves into the critical drivers of market change. Key insights include the rapid growth of the biofuel industry, the expanding role of electric vehicles, and the evolving credit landscape. Leveraging the latest data from the first Annual CFR Credit Market Data Report, our analysts have developed detailed projections for credit generation, deficits, and banking scenarios through 2035. This note serves as an essential resource for stakeholders navigating the complexities of Canada’s clean fuel market and evaluating future opportunities and risks within the regulatory framework.