Yes, but only if its manufacturer purchases enough carbon credits to offset the environmental cost of the fuel’s production and use.
Carbon credits are a poor way to deal with the issue, as they allow those with money to continue polluting.
A better solution is to just use fuel that is carbon neutral, like lignocellulosic ethanol. This is a fuel made from the cellulose of plants. The best candidates for fuel are fast growing plants like hemp and switchgrass; plants that grow faster tend to use more CO2 than other plants. The fuel has ten times less emissions than gasoline, this is offset by the CO2 used to grow the fuel, making it CO2 neutral.
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