MOSCOW (MRC) -- The European Parliament has overwhelmingly approved RED III, an updated Renewable Energy Directive, with 470 votes in favor and 120 against, said Hydrocarbonprocessing.
RED III aims to increase the share of renewable energy in the EU's final energy consumption to 42.5% by 2030 (with a 45% target for member states) and streamline approval processes for renewable energy projects.
Notably, biomass from wood remains classified as renewable, and a 'Positive silence' principle will expedite approvals when no administrative feedback is given. Additionally, FEDIOL, representing the EU's vegetable oil and protein industry, supports RED III's ambitions, emphasizing the role of crop-based biofuels in reducing GHG intensity in the transport sector and contributing to the EU's emissions reduction goal of at least 55% by 2030 while supporting farmers' incomes.
We remind, China's oil refinery throughput in August rose to a record, data showed on Friday, as processors in the world's second-largest crude consumer kept run rates high to meet summer travel demand and capitalize on strengthening export margins. Total refinery throughput was a record 64.69 million metric tons last month, data from the National Bureau of Statistics (NBS) showed, up 19.6% from a year ago, the fastest annual growth since March 2021.