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Biden, Kishida pledge to cooperate on SAF

SOURCE: President Biden and the First Lady meet with Prime Minister Kishida Fumio and Mrs. Kishida Yuko of Japan at the White House. / SOURCE: U.S. Embassy & Consulates in Japan

April 16, 2024

BY Erin Voegele

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Treasury announces updated SAF tax credit guidance, release of 40SAF-GREET 2024 model

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The Treasury Department and IRS on April 30 released new guidance on the SAF tax credit and announced the launch of the 40BSAF-GREET 2024 model, which incorporates a pilot-program to encourage the use of climate-smart ag practices for SAF feedstocks.

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Phillips 66 on April 26 announced its Rodeo biorefinery in San Francisco is expected to be producing 50,000 barrels per day of renewable fuels by the end of Q2. The facility is scheduled to have the capability to produce SAF components by Q3.

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Neste Corp. released first quarter results on April 25, reporting that the company’s operations were negatively impacted by weaker renewable diesel margins during the three-month period. SAF sales volumes are expected to increase throughout 2024.

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On April 29, nine trade associations representing feedstock providers, advanced biofuel producers, and low-carbon fuel customers wrote to the U.S. EPA, urging the agency to propose and finalize robust 2026 RFS volumes by the statutory deadline.

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On April 29, 40 companies and organizations that hold a stake in the development and deployment of sustainable aviation fuel united to announce the formation of the Sustainable Aviation Fuel (SAF) Coalition.

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