Clean Fuels
Eight programmes across North America and Europe price the same physical barrel — each in its own unit, on its own trajectory, at its own clearing price. Market profiles and published analysis, in one place.
Market profiles • Regulatory mechanics • Published analysis
The Markets
How each programme is built, what it counts, and what the regulator publishes.
North America
Canada CFR
Federal lifecycle CI standard. Credits in tonnes, three compliance categories, and a compliance fund capped at 10% of the obligation.
Market profile →United States
US Renewable Fuel Standard
The largest biofuel mandate in the world. Counted in RINs, with four nested obligations.
Market profile →North America
British Columbia LCFS
North America's longest-running LCFS, and the only place a litre earns provincially and federally at once.
Market profile →United States
California LCFS
The deepest LCFS market. Amended regulation in force since July 2025, with benchmarks to 2045.
Market profile →United States
Oregon Clean Fuels Program
A tight market with no in-state production, and a live rulemaking on the trajectory.
Market profile →United States
Washington Clean Fuel Standard
The newest West Coast standard, stepping sharply through the middle of the decade.
Market profile →European Union
EU RED III
A directive, not a market. The tradable instruments are national.
Market profile →European Union
FuelEU Maritime
Directly applicable, well-to-wake, with pooling as the only transfer route.
Market profile →Published Analysis
Research from the Climate Decode team across the clean fuel markets.
Explainer • Aug 2026
The Renewable Fuel Standard, Explained
Why the headline biodiesel mandate is not the number that sets the market — RINs, D-codes, the nesting rule and what happens at the border.
Market profile →Canada CFR Series
Reading the CFR Credit Market
Why roughly 60% of CFR credit volume moves at zero price, and why the published weighted average is the wrong revenue anchor.
Market profile →Canada CFR Series
CFR Credit Price Passed the Compliance Fund
ECCC's first monthly dataset — the average tripled, and the quarterly maximum crossed the fund price in Q3 2025.
Market profile →Canada CFR Series
BC LCFS: Credit Tripled, Bank Stayed Long
A decade of BC prices. Coverage of the obligation, not the balance of the bank, is what priced the market.
Market profile →