Like other oil and gas companies, refining giant Valero Energy enjoyed a snapback in revenue and earnings in 2021 as pandemic lockdowns eased. Valero has launched a number of low-carbon and renewable fuel projects in recent years, and has pledged to reduce emissions from its refining operations 63% from 2020 levels by 2025. The company’s Diamond Alternative Energy has taken some heat from environmentalists, however, for lobbying for renewable fuels over zero-emissions alternatives; Diamond is a plaintiff in a recent federal lawsuit against Environmental Protection Agency regulations designed to encourage the sale of electric vehicles.
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