Proposes to require primary suppliers (i.e. producers and importers) of liquid fuels, to reduce the Carbon Intensity (CI) of their products through the design and establishment of a credit market whereby annual CI reduction requirements are met through three main categories of credit-creating actions: i) actions that reduce the CI of fossil fuel throughout its life cycle; ii) supply of low carbon fuels such as ethanol, biodiesel and renewable diesel; iii) specified end-use fuel switching in transport, such as electricity or hydrogen in vehicles; iv) the use of renewable fuels in transport, such as electricity or hydrogen in vehicles; v) the use of renewable fuels in transport, such as electricity or hydrogen in vehicles; and vi) the use of renewable fuels to reduce the CI of fossil fuels.