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Emissions Experts

RGGI : 39.56WA Carbon Allowance : 38.75WA Offset : 34.88CA Carbon Allowance : 31.97CA Carbon Offset 0 DEBS : 24.43CA Carbon Offset 0 : 19.25CA Carbon Offset 8 : 18.75CA LCFS : 89.25OR Clean Fuel Program : 84.00D3 RIN : 2.25D4 RIN : 1.98D5 RIN : 1.98D6 RIN : 1.92WREGIS REC CRS Wind : 3.15CT REC Class 1 : 39.25CT REC Class 2 : 28.35CT REC Class 3 : 29.65WA Clean Fuel Standard : 78.00
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Renewable Idetification Numbers (RINS)

Renewable Identification Numbers (RINs) are unique credits created under the Renewable Fuel Standard (RFS), a Federal program designed to increase the use of renewable fuels in the U.S. transportation sector. RINs are generated when renewable fuels, such as ethanol or biodiesel, are produced and blended into gasoline or diesel, and they can be traded or sold to comply with federal renewable fuel mandates. The RFS relies on RINs to track and verify renewable fuel usage, ensuring that obligated parties, like refiners and importers, meet their renewable fuel volume targets.

Administered by the US EPA, the program imposes an obligation on fuel producers to retire compliance instruments associated with their fuel production. They may produce renewable fuels. This generates RINs that may be retired as needed, or they may purchase RINs to meet their obligation under the RFS. EPA sets a target for renewable fuels production known as the Renewable Volume Obligation (RVO). Individual fuel producers share in the total RVO based on their total fossil fuel production. Obligated parties actually have 4 separate RVO obligations which may be met with different types of RINs.

Types of RINs

D6 – Corn ethanol
D4 – Biodiesel/renewable diesel
D5 – Advanced biofuels
D3 – Cellulosic biofuel

RIN Obligations (sometimes called the RIN buckets)

Cellulosic (D3) – must be met with D3 RINs
Biomass-Based Diesel (D4) – must be met with D4 RINs
Advanced Biofuel (D5) – may be met with:
• D5
• D4 (biodiesel)
• D3 (cellulosic)

Total Renewable Fuel (D6) – may be met with:

• D6
• D5, D4, or D3 (if excess)

RINs generated vs retired
Share of RINs generated by fuel type

RIN Price Forecasts

RIN pricing depends heavily on factors controlled by the EPA, and therefore, by the administration in the White House. For example, every year, small refineries are exempt from the RFS. Administrations have differed greatly in determining what counts as a small refinery. The small refinery exemption list has a tremendous impact on RIN demand. Obligated parties and market participants watch with great anticipation for the small refinery exemption list and the RVO.

Small Refinery Exemptions by Year bar chart from 2011 to 2025, showing six metrics: petitions received, grants issued, denials issued, petitions declared ineligible, petitions withdrawn, and pending petitions. Petitions received peaked at 44 in 2018 and trended downward through 2025, while pending petitions rose sharply from 2018 to 2020.

RIN Hedging and RIN Trading

The Emissions Experts team has worked for years with renewable fuels producers and other clients exposed to the RIN market.  RINs and other forms of fuels credits can be the determining variable in a project’s profitability.  In addition to brokering RIN transactions, we help clients identify financial structures to satisfy investors and lenders.