D4 - biomass based diesel

D4 Renewable Identification Numbers (RINs), which cover biomass-based diesel including biodiesel and renewable diesel, saw significant fluctuations. Since 2021, prices have collapsed by approximately 52%, dropping from around USD 1.55 per RIN to about USD 0.75 per RIN. This drop was primarily due to an oversupply of renewable diesel, driven by favorable conditions under the California Low Carbon Fuel Standard.