Various jurisdictions have taken regulatory/legislative
actions aimed at reducing GHG emissions from fuels -
in particular transport fuels. Renewable fuel mandates
designed to raise the proportion of biofuels in the fuel
mix are in place in the EU (Renewable Energy
Directive), US (Renewable Fuel Standard) and
elsewhere. Low carbon fuel standards seeking to
reduce the wells to wheels GHG emissions from
transport fuels are in place in the EU (Fuel Quality
Directive 7a) and the US State of California and being
actively discussed in other jurisdictions. Vehicle
efficiency standards aimed at decreasing GHG
emissions per unit of travel are in place in many
jurisdictions. These programs may change the cost
structure of the businesses and affect the market
demand for fossil derived fuels although the impact is
not clear as the details of the programs and their
implementation continue to be developed