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NEW YORK: Tesla Inc is seeking to enter the multi-billion dollar US renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals, two sources familiar with the matter said.

The electric car maker is one of at least eight companies with a pending application at the Environmental Protection Agency tied to power generation and renewable credits, the sources said. The EPA produces a list of pending applications with some details, but not companies’ names.

Tesla’s entry could potentially reshape the renewable credit market, established in the mid-2000s to boost investment in the US biofuel industry. The market generated some 18 billion credits in 2020 and is currently dominated by ethanol producers. Tesla’s application would likely be tied to the production of electricity associated with biogas.

The Biden administration is expected to review the EPA applications and lay out how electric vehicles could qualify for tradable credits under the Renewable Fuel Standard (RFS) this summer, the two sources said. The move could represent the largest expansion of the RFS program that was created by President George W. Bush and aimed at boosting rural America and weaning the country off oil imports. The entry of Tesla and other electric vehicle makers to the renewable energy scheme could attract investment for a much-needed infrastructure network, including charging stations, for electric vehicles.

Tesla would generate the most lucrative type of credits, known as D3s, which trade at a significant premium to the larger pool of traditional ethanol credits. As well as building electric cars, Tesla is also investing in charging stations and large-scale batteries.

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