New Mexico becomes fourth state to enact a Clean Fuel Standard
March 5, 2024 | Office of the Governor Press Releases
Santa Fe | Gov. Michelle Lujan Grisham today signed House Bill 41, Clean Transportation Fuel Standards, into law. New Mexico is the fourth state in the nation to enact the standards.
HB41 allows producers and importers of low-carbon transportation fuels to generate clean fuel credits to sell to producers and importers of high-carbon transportation fuels. HB41 then directs the emissions of transportation fuels in New Mexico to decrease over time.
“Clean fuel standards not only decrease emissions and move us toward our climate goals, but also diversify our economy and attract new business to our state,” said Gov. Lujan Grisham.
Clean fuel standards will bring at least 1,600 full-time jobs and nearly 2,300 construction jobs, generating $470 million in wages, and attracting $240 million capital investment in production and manufacturing in New Mexico.
In states that have adopted similar programs, clean fuel standards are proven to spur investment into innovative technologies, support infrastructure for transportation decarbonization and reduce harmful emissions - all without increasing fuel prices for consumers.