First of all, he starts speaking about the new orientation biofuels have in California. "In 2005 in California [...] adopted the Global Warming Solutions Act," he said. "The intention of this regulation was to create a technology-neutral market for low-carbon fuels." Instead of stipulating percentages for ethanol or biodiesel use, the intent is to reduce net carbon content of fuels by ten percent by the year 2020. California doesn't "care what technologies you use to do it, you just have to prove to us that you're doing it."
Iyer then says that Renewable Fuels Standards will, once they're passed, look remarkably similar to the new European low-carbon fuel standards. Iyer foresees low carbon fuels gain greater efficiency going from the farm to the fuel tank thanks to better technology.
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