National Biodiesel Board introduces first phase of RIN solution
March 9, 2012
BY Ron Kotrba
The first phase of the National Biodiesel Board’s measures to help restore integrity to the renewable identification number (RIN) credit market was established yesterday after NBB held a town hall meeting with its members to discuss the plan.
The “audit option,” as it is referred to, has been introduced and incorporates Genscape’s RIN Integrity Network, the “exclusive RIN solution endorsed by the NBB,” Genscape states on its website. Genscape is a global provider of energy information for commodity and financial markets.
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“As many of you know, cases of fraud have paralyzed the biodiesel RIN market,” the website states. “On March 8, the NBB exclusively selected Genscape’s RIN Integrity Network to provide transparency and promote integrity for producers in this important and growing market.”
According to Genscape, obligated parties that subscribe to the service will view a health score of each participating facility and view details including photos and the status of key integrity documents. In a single view, all facilities promoting their integrity will be visible on an equal stage.
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Member facilities will have access to Genscape’s proprietary monitoring, “a key element that is well-known among obligated parties and what sets this service apart,” the company states. “While protecting the privacy of each individual facility, the ongoing monitoring will provide a new level of transparency and integrity to fully realize the potential of America’s biodiesel industry. On behalf of the NBB, we strongly encourage you to take the first step to learn more by registering now. Once you register, a Genscape representative will contact you within 48 hours to explain how the program works—and how it can best serve your facility’s specific needs.”
EcoEngineers is Genscape’s audit partner in this effort.
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