February 28, 2025 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com, a go-to platform for big investing ideas, including renewable energy stocks reports on trading and news for Tidewater Renewables Ltd. (TSX: LCFS), owner of Canada's first renewable diesel refinery
The stock makes the TSX top percentage gainer list on news of BRITISH COLUMBIA'S changes to the LOW CARBON FUELS ACT.
Tidewater is currently trading at $1.2300, up 0.6000, gaining 95.24%, with a morning high of $1.45.
Today the company issued news welcoming the Government of British Columbia's changes to the Low Carbon Fuels Act aimed at strengthening the Canadian biofuels sector.
The ability of US renewable diesel producers to dump their product into British Columbia and unfairly benefit from both a production subsidy received in the U.S. and the generation of emissions credits at the point of sale in British Columbia has created an unlevel and unfair trade environment for Canadian renewable diesel producers. The action taken by the Government of British Columbia represents a good first step in levelling the unfair trade environment and supporting the economic viability of Tidewater Renewables and the broader Canadian biofuels industry.
The announced changes to the Low Carbon Fuels Act, specifically the increase to the renewable fuel requirement for diesel from 4% to 8%, together with requiring such renewable fuel content to be produced in Canada which comes into effect on April 1, 2025, demonstrates the Government of British Columbia's commitment to strengthening the Canadian biofuel sector. Tidewater Renewables will continue to work with both the Provincial and Federal governments to ensure appropriate and fair policies are in place to support the Canadian renewable fuels industry. In addition, the Corporation remains dedicated to pursuing the countervailing (anti-subsidy) and anti-dumping duty complaint (the "Complaint") to address unfairness in the Canadian renewable diesel market. For more information on the Complaint, please refer to the Corporation's press release issued on January 6, 2025.
"We are grateful for the support from the Government of British Columbia in levelling the playing field for Canadian renewable fuel producers and hope that, with these changes, we're now able to better compete with U.S. producers dumping their product into the British Columbia market. That said, the challenges facing the Canadian renewable fuels industry are substantial and it's going to take an all-hands approach to ensure our industry is able to continue to meet the growing demand for clean fuels", said Jeremy Baines, Chief Executive Officer of Tidewater Renewables. "As more renewable fuels produced in Canada become available, we expect the Government of British Columbia to raise the Canadian-produced renewable fuel requirements to an appropriate level to ensure a fair trade environment for renewable diesel and align policy with the broader goals of the Canadian biofuel sector".
Tidewater Renewables is committed to being a leader in the energy transition, continuing to develop made-in-British Columbia energy solutions, creating good paying jobs in British Columbia and continuing to reliably supply low-carbon fuels, helping British Columbia and Canada meet emission-reduction targets.
Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel.
Recent news:
https://ca.finance.yahoo.com/news/tidewater-renewables-ltd-welcomes-government-120000276.html
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