This analyst note presents a comprehensive analysis of several clean fuel standards, with an emphasis on a comparison of programme scope, credit prices, and credit volumes. Aside from the fact that it is informational, it is also provides the fuel producers or suppliers with actionable insights. It enables fuel producers or suppliers to analyse the different benefits of participating in a given CFS market by supplying renewable diesel. 

The key takeaways are: 

• There is a mosaic of clean fuels markets, and the interactions are not always straight-forward 
• Detailed examination of renewable diesel shows that there will be a drop in margin generation across all the markets and suppliers will use relative incentives generation to decide where to ship 
• Bank indices suggests that suppliers will sell their fuel in Oregon CFP, reducing the delta with California LCFS over time