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Corteva, Bunge, Chevron partner to produce renewable fuels

Chevron Corp is collaborating with agribusiness firms Corteva Inc and Bunge Ltd to produce renewable fuels from canola crops, the companies announced on Tuesday. As part of the collaboration, the companies will introduce winter canola hybrids in the southern United States.

Bunge Chevron Ag Renewables, a joint venture between Bunge and Chevron, will purchase the harvested winter canola crop from farmers and use the resulting oil to create renewable fuel.

U.S. state programs, led by California's Low Carbon Fuel Standard (LCFS), reward fuel producers for decarbonizing by producing renewable fuels, and the producers have responded by ramping up production of such "greener" fuels.

The transportation sector accounts for about a quarter of the United States' greenhouse gases. The U.S. Energy Department projects that renewable diesel will be about 7% of the overall diesel pool by 2030; it is currently just 5%.

By introducing the winter canola crop, the companies said they hope to provide a sustainable crop rotation option and create a new revenue stream for farmers. 

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