Sustainable Aviation Fuel incentives passed
World Energy LLC, has deployed new technology including the world’s first refinery, designed for the production of renewable jet and military-grade fuels, located in the greater Los Angeles area supporting California’s mission to lead in decarbonization. Abundant, low-cost biomass conversion is essential to accelerating the current global transition to a low carbon economy. In the United States and around the world, every food catering establishment produces brown grease during the cooking process, by collecting the waste oil in a grease trap it can be harvested and regenerated into a valuable product.
Genvo are commercialising the next generation of renewable gasoline, jet fuel and diesel fuel with the aim to achieve zero carbon emissions and addressing the need for reducing greenhouse gas emissions with sustainable alternatives. Genvo have purchased land for a new net-zero 1 facility along with collaborating with Google Cloud experts to allow users to track and verify emissions suing datasets and analytics.
Genvo are particularly interested in sustainable aviation fuel (SAF). SAF is the main term used by the aviation industry to describe an alternative to the traditional fossil fuel derived fuel. A new sales agreement with American Airlines was launched which included the sale of 100million gallons per year of sustainable aviation fuel over a 5yr term. The agreement will generate $2.75 billion in revenue over the 5years.
When it comes to global policies and targets the establishment of an incentive scheme is the most engaging policy lever governments can pull, when it comes to enforcing sustainable aviation fuel (SAF). In the recent Inflation Reduction Act, there was a SAF tax credit offering producers between $1.25- $1.75 per gallon of SAF sold.
A return flight between London and San Francisco has a carbon footprint per economy ticket of nearly 1 tonne of CO2e. With the aviation industry expected to double to over 8 billion passengers by 2050, it is essential that we act to reduce aviation’s carbon emissions and SAF is one way in which this can be achieved.