17 February 2010 18:18 [Source: ICIS news]
ORLANDO, Florida (ICIS news)--US government and ethanol industry officials on Wednesday urged ethanol and biodiesel market participants to move quickly to be ready for the start-up on 1 July of a new system for tracking biofuels credits.
Around 2,000 biofuels producers and buyers, as well as so-called obligated parties such as oil refiners that need to offset their regulatory dues, will transfer on to the new system, Miller said.
The coming EPA Moderated Transaction System (EMTS) will revamp the existing processes for creating, storing and selling credits RINs – an acronym for Renewables Identification Number.
Since their inception in 2007, RINs have been a bureaucratic burden for industry and government alike.
Kelly O'Farrell of accountancy Christianson & Associates, which specialises in biofuels issues, said that many of the problems from the existing system related to the handling of the 38 digits specific to each RIN.
"It wasn't just compliance issues...more just clerical errors," O'Farrell said.
The EMTS will feature a single EPA-run database to store and track RIN records, and the agency has created software and training tutorials to allow market participants to upload data using their existing systems.
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