ALBUQUERQUE, N.M. — Sen. Mimi Stewart and Rep. Nathan Small filed the New Mexico Clean Fuel Standard Act (Senate Bill 11), a Governor’s priority bill that would bring an estimated $47 million in economic investments annually to the state while significantly reducing greenhouse gas emissions from the transportation sector. The transportation sector is the second-largest source of greenhouse gas emissions in New Mexico behind the oil and gas industry.
The Clean Fuel Standard Act will establish a market-based approach to cut greenhouse gas emissions from transportation fuels, requiring fuel producers and importers to reduce the amount of carbon in fuels used in New Mexico — a 10% reduction by 2030 and a 20% reduction by 2040. This bill aims to help New Mexico reduce carbon emissions and protect air quality while creating new jobs and opening up the state to economic investment in low-carbon fuels, like hydrogen.
BayoTech President and Chief Executive Officer, Mo Vargas, commented: “BayoTech fully supports the Clean Fuel Standard Act. New Mexico has long been considered an oil and gas state and clean fuels, like hydrogen, represent an opportunity to transition to clean energy while supporting job growth and attracting economic investment. We are committed to working together with the government and people of New Mexico to support this transition and make the state a leader in low to zero carbon fuel production”.
BayoTech Chief Commercial Officer, Stewart Stewart, added: “The Clean Fuel Standard is an important step on the pathway to economic development and carbon reduction in the state of New Mexico. BayoTech is proud to support this legislation, which will attract high-value partnerships in the transportation sector and advance our goal of making New Mexico a hydrogen hub for the United States”.
If enacted, New Mexico would join two other states, Oregon and California, which already have their own CFS programs. The State of California has had a CFS program in place since 2011 and the State of Washington is currently presenting a legislative proposal to begin a CFS program. New Mexicans are encouraged to contact their legislators and ask that they support the Clean Fuel Standard Act (Senate Bill 11). You can find your legislator and their contact information by visiting: https://www.nmlegis.gov/Members/Find_My_Legislator.
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