Guides to how the CFPB will supervise and examine entities under its jurisdiction for compliance with Federal consumer financial law. You exceeded the limit of bookmarked content(only 15 bookmarks are allowed).Please remove one of the bookmarks. In this weeks Market Movers Americas, presented by Laura Robb: Panama Canal traffic precipitates California utilities are working to restore power after Tropical Storm Hilary blew through Southern Fuel suppliers urge governments to impose SAF blending mandates, Market Movers Americas, Aug. 21-25: Panama Canal backlog, Tropical Storm Hilary pressure US products, California utilities work to restore power after Tropical Storm Hilary, Around the Tracks: Auto sector's H1 gains ride on low-base effect, Demand certainty needed to boost investment in SAF plants, SAF supply needs to grow to at least 449 bil liters in 2050. reginquiries.consumerfinance.gov. High ethanol prices in Brazil and lower gasoline demand in the United States relative to 2019 levels are both driving lower ethanol volumes in 2021. However, in absolute volume, ethanol demand growth surpasses that of renewable diesel. The integrated plant layout (displayed here) assumes co-locating the ATJ process with ethanol production and emissions reductions as a result of heat integration. 38Two different ATJ conversion plant layouts can be considered. Thanks to these properties, sustainable aviation fuels are a rapidly growing industry. Not only is accepting credit cards safer than all cash but offering alternative payment methods can expand your potential customer base. Transparent compliance of feedstock with a defined set of robust sustainability requirements; Traceability of sustainable material through SAF supply chains; and. It would then . Sweden followed with a mandate beginning at 0.8% in 2021 and . While investments are. If all countries were to meet their 2050 SAF blending targets, S&P Global has calculated that this would imply an annual supply requirement of 17.5 billion gallons equivalent (1.14 million boe/d) across all types of sustainable aviation fuels, including biofuels and synfuels. It outlines that from 2030, the aviation fuel made available to EU airports . A common refrain we hear from our clients is the challenges involved in finding a bank that is willing to openly do business with a cannabis company. Online. EU Emissions Trading System (EU ETS). Were here to help! So far, there have been no policies designed to push for the development of SAF in Africa. Current landscape and future of SAF industry, SES environmental performance and targets, Managing environmental impacts around airports, Aircraft noise performance at European airports, Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), The case for an environmental label in aviation. Online. Norway was the first country to roll out a SAF mandate in 2020 - a 0.5% blend with traditional jet fuel . The obligation for aviation fuel suppliers to ensure that all fuel made available to aircraft operators at EU airports contains a minimum share of SAF from 2025 and, from 2030, a minimum share of synthetic fuels, with both shares increasing progressively until 2050 (blending mandate and sub-mandate). RED II, CORSIA). Earlier versions of the bill have met the same fate an ongoing frustration for people in the cannabis industry. The potential of synthetic aviation fuels, in addition to advanced sustainable biofuels is clear. As the SAF blending process will take place using existing infrastructure and fueling will still be performed conventionally, the new regulations will not change much from the perspective of a passenger experience. S&P Global does expect supply to increase by nearly eight-fold by the middle of this decade a remarkable growth and more than sufficient to meet all medium-term blending targets. Sources of Greenhouse Gas Emissions. This option was preferred as it allows to ensure a level playing field in the air transport market while scaling up significantly SAF production and uptake. Provides liability coverage for cannabis companies owning or operating vehicles for business purposes. You exceeded the limit of bookmarked content(only 15 bookmarks are allowed).Please remove one of the bookmarks. 6. In addition to Sweden's announcement, Norway announced earlier this year to introduce a 0.5% biofuel blending mandate. The Commission states that this new legislation will create a level playing field for fuel producers, reduce dependence on outsourced energy, and create thousands of new jobs. Despite the current pandemic and its unprecedented impacts on the aviation industry, it is of the utmost importance that economic recovery does not lead to backsliding in the reduction of greenhouse gas emissions. France defined its SAF roadmap in 2019 (SAF consumption objectives of 2% by 2025, 5% by 2030 and 50% in 2050) and started regulating fuel suppliers witha target for advanced biofuels and fuels produced from waste oils and fats (1% of jet fuel demand in 2022) The Ten Point Plan for a Green Industrial Revolution. Receive daily email alerts, subscriber notes & personalize your experience. EUROCONTROL and the European Civil Aviation Conference (ECAC) have entered into a cooperation for a map on sustainable aviation fuels in Europe depicting national regulatory measures as well as the status of SAF use at specific airports, including also a selection of unique trial cases. [https://www.concawe.eu/wp-content/uploads/E-fuels-article.pdf]xvi UK Government. Online. With analysis from Mark Mozur, Bea Pupo, Loren Puette, Monika Rajoria. %3 3/& 7udqvsduhqf\ qxpehu 3djh $ idluhu pruh ioh[leoh dqg ixwxuh surrihg dssurdfk zrxog eh wr doorz 6$) wr frxqw djdlqvw pxowlsoh uhjxodwlrqv pdwfkhg e\ d frpphqvxudwh In order to meet the EUs climate objectives, the proposed rules set out EU-level harmonised obligations on fuel suppliers and aircraft operators for scaling up SAF used for flights departing from all EU airports above a certain traffic threshold. Other countries in the region are beginning to develop decarbonisation strategies, which often include the promotion of SAF, however, none have yet reached the stage of legally binding policies. Suppliers of aviation fuels are urging governments across the world to impose blending mandates for sustainable aviation fuels in order to boost investment in SAF-producing facilities. Multiple low- or zero-carbon technologies are being researched, but in the short term, only sustainable aviation fuels (SAF) can alleviate some of the pressure and significantly reduce the sectors GHG emissions. Three European countries already have SAF blending mandates in place: Norway, Sweden and France. In July 2021 it launched a call for projects for the development of a French production sector for SAF in line with the SAF annual blending mandate, introduced to reach the roadmap objectives and starting in 2022. Currently, most cannabis businesses only accept cash and often have an ATM on site. It closed in September 2021, and the feedback is currently being analysed. With current delivered SAF supply volumes estimated at just over 200 million gallons, achieving a minimum 17.5 billion delivered volumes by 2050 would require an astonishing 17.3% growth. The Asia-Pacific region may not be at the forefront of the SAF policy landscape so far, but there is a mounting interest in the sector, with regional industrial stakeholders showing themselves to be very dynamic. Online. Earlier versions of the bill have met the same fate. Cannabis' ongoing status as a Schedule I substance . Outside of Europe, the United States introduced the SAF Grand Challenge to produce at least 3 billion gallons (approx. Online. Early this week, ministers from Denmark, Finland, France, Germany, Luxembourg, the Netherlands, Spain and Sweden issued a joint statement on sustainable aviation fuels. 8 . Reducing emissions from aviation. Production of SAF using sugarcane molasses as indigenous feedstock is a major step towards self-reliance and de-carbonisation of the aviation sector in line with India's commitment to achieve net zero by 2070, Puri stressed. [27] Online. Read our full, Climate Change and Capacity Building Specialist at the, European Civil Aviation Conference (ECAC), Air navigation services performance review, Communications, navigation and surveillance, Digitalisation and information management, Our member and comprehensive agreement states, map on sustainable aviation fuels in Europe, EUROCONTROL's privacy and data protection policy. [28] Overall biofuel demand growth could more than double to near 9% a year in the accelerated case. Mandating the use of Sustainable Advanced Fuels (SAFs) in the aviation sector is the right approach to ensure the deployment of these fuels. The plan was not designed as a policy per se, but more as an initial announcement ahead of formal strategies and future legislation. A common refrain we hear from our clients is the challenges involved in finding a bank that is willing to openly do business with a cannabis company. Ministry of Transport. Mitchell aims to enter the field of strategy consulting with a specialty in commercial aviation. [https://www.consilium.europa.eu/en/policies/green-deal/eu-plan-for-a-green-transition/]xiv Green Air. "The Refuel EU initiative is a step in the right direction but the European Commission has a very narrow-minded view in term of feedstock," Neste's head of sustainable aviation fuel Thorsten Lange said at the IATA forum on Nov. 11. The standalone configuration assumes that ethanol is taken from the market or a separate ethanol production facility.39IAG members in 2021: British Airways, Iberia, Aer Lingus, Iberia Express, LEVEL and Vueling. What Financial Issues Do Cannabis Companies Face? Protects corporate directors and officers personal assets if they are sued. To reduce carbon emissions from aviation, the supranational organization will mandate that traditional jet fuel be blended with SAF starting in 2025. Heres what we know, including updates and expectations. H. Rept. In doing so, carriers are not only encouraged to use SAF but also to produce fewer emissions on account of the extra weight of additional fuel. Norway established a blending obligation to aviation fuel suppliers for a 0.5% minimum content of advanced biofuel. [https://www.statista.com/statistics/564717/airline-industry-passenger-traffic-globally/]iv Carbon Brief. . UK sustainable aviation fuels mandate consultation . Though the European Parliament and the Council of the EU have reached a provisional agreement on this proposal, both bodies must formally approve the legislation. It calls for just 0.5% initially but targets 30% SAF by 2030. The statement comes in advance of the publication of the ReFuelEU initiative, which will lay out a framework for decarbonising the aviation industry, including setting requirements for the use of SAFs. See the mortgage origination examination procedures, CFPB Bulletin 2013-05: SAFE Act Uniform state test for state-licensed mortgage loan originators, CFPB Bulletin 2012-05: SAFE Act Transitional Loan Originator Licensing. Check out all the latest European aviation news here. While providing a boost to the production and usage of SAF, it is unlikely that these actions alone will enable development of SAF at a competitive price and incentivise their usage across the EU in sufficient volumes so as to achieve significant emissions reductions from the aviation sector. In the long run, these new mandates will help Europe achieve its ultimate goal of carbon-free aviation; however, many wonder how SAF blending mandates will impact non-environmental aspects of aviation. A SAF blending mandate could be efficiently implemented via an obligation on fuel suppliers in Europe via a volumetric target or a greenhouse gas (GHG) intensity reduction target. In addition, biofuels would need to comply with strict sustainability criteria to ensure that the feedstocks used are not interfering with food production and/or contributing to biodiversity lossix. Even where cannabis is legal at a state level, businesses must still report to the federal government and IRA. From the demand perspective, the upside potential is substantial as countries that are considered major growth markets for jet fuel demand such as China and India could begin to introduce some supportive policy framework for SAF penetration or as technological improvements increase the blending wall limit for SAF in commercial aviation. [https://www.globenewswire.com/news-release/2021/10/14/2314387/0/en/Renewable-Sustainable-Aviation-Fuel-Market-Size-Estimated-to-Reach-USD-13-789-4-Million-by-2026-at-67-2-CAGR-Globally-Facts-Factors.html]viii ICAO. Protecting your cannabis company can seem confusing; however, were a full-service insurance brokerage working with carriers worldwide to offer you the best coverage possible. To ensure that SAF meet robust sustainability criteria, Sustainability Certification Schemes (SCS) control compliance of economic operators with the sustainability requirements along the SAF supply chainon a lifecycle basis (i.e., from feedstock provider all the way to blending). Great question. Verified reductions in GHG emissions of the final SAF. Please reach out to us today by emailing. [https://www.icao.int/environmental-protection/pages/SAF.aspx]vi SkyNGR. Global demand for biofuels is set to grow by 41 billion litres, or 28%, over 2021-2026 in the main case. Announce in 2021 a SAF blending mandate for European aviation to be enforced by no later than 2025 with a blending level increasing progressively over time to 2050. While overall biofuel demand returns to 2019 levels this year even with slower growth, the recovery is uneven. Furthermore, all aircraft departing from airports within the EU will be required to abide by these regulations, even if non-EU carriers operate them. In 2012, aviation was incorporated within the EUEmissions Trading System (EU ETS), which is the worlds biggest carbon trading market and a crucial tool for the Unions fight against climate changexi. Since January 2020, Norway introduced a SAFblending mandate of 0.5% from 2022 with an ambition to increase over time. Airline IT Powerhouse SITA Set To Leave Russia, Why La Compagnie's All Business Class Model Works. Specifically, how will the EU Commission's new legislation affect passengers? [15] Lower gasoline demand reduces ethanol volumes under current policies. Germany is focussing on PtL fuels as part of its National Hydrogen Strategy with an objective to ramp up production to 200 thousand tonnes by 2030 (2% of German jet fuel sales in 2019) [https://ourworldindata.org/co2-emissions-from-transport]iii Statista. However, to ramp up SAF supply to the desirable levels, the production of sustainable aviation fuels "needs to go from 100 million liters today to at least 449 billion liters in 2050.". For instance, the International Airlines Group (IAG)39 and Ryanair have committed to use 10% and 12.5% SAF by 2030 respectively The Jet Zero consultation lays out the governments five proposed policies and opens the conversation on the ideal approach to reach the 2050 target. [https://ec.europa.eu/clima/eu-action/transport-emissions/reducing-emissions-aviation_en]xiii European Council. Both continents have incredible potential for feedstocks production, which might provide a solid base for national policies. The regulatory initiatives taken in the last few years by these pioneering States (the Nordic countries, France, Germany, the Netherlands and Spain) have paved the road for major regulatory developments happening now, such as the ReFuel EU Aviation regulatory proposal, the United Kingdom SAF mandate, a Swiss SAF quota proposal and the recently announced Turkish intentions to set up regulatory incentives for SAF. Biodiesel, also called fatty acid methyl ester (FAME), and renewable diesel, also known as hydrogenated vegetable oil (HVO), can both be blended with diesel fuel. Technologically, drop-in use of SAF through blending is already possible. Software Updates; Manage Contracts and Orders; Support. If you have a question about the Bureau's rules and the statutes we implement, please first review the regulations and official interpretations (commentary) as well as the available guidance and compliance resources. At the moment, it is expected that, from 2025 onwards, aviation fuel must include 2% SAF rising to between 63% and 85% by 2050 depending on the outcome of negotiations at EU level. Subscribe to our daily email newsletter the world's leading newsletter on renewable materials and chemicals, contact@nova-institut.de www.nova-institute.eu, nova-Institut GmbH Leyboldstrae 16 50354 Hrth / Germany, Sustainable Aviation Fuels I Policy Landscape, https://ourworldindata.org/co2-emissions-from-transport, https://www.statista.com/statistics/564717/airline-industry-passenger-traffic-globally/, https://www.carbonbrief.org/aviation-consume-quarter-carbon-, https://www.icao.int/environmental-protection/pages/SAF.aspx, https://skynrg.com/sustainable-aviation-fuel/saf/, http://pure.iiasa.ac.at/id/eprint/15708/1/Sustainable_Biofuel_Potential_SSAF_SummaryReport_Finalized_V7.1_Pages.pdf, https://ec.europa.eu/clima/eu-action/eu-emissions-, https://ec.europa.eu/clima/eu-action/transport-, https://www.consilium.europa.eu/en/policies/green-deal/eu-plan-for-a-green-, https://www.concawe.eu/wp-content/uploads/E-fuels-article.pdf, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1005382/sustainable-, https://www.gov.uk/government/publications/the-ten-point-plan-for-a-green-industrial-revolution/title, Lenzing successfully opens worlds largest lyocell plant in Thailand, Textilien aus Seetang: Die australische Surf-Marke Piping Hot arbeitet mit Klimawissenschaftlern der University of Technology Sydney zusammen. A recent flurry of headlines gave many cannabis business owners hope that changes in federal banking regulations were imminent at least until the news went quiet again. In January 2020, Norway introduced the first SAF blending mandate. Cannabis ongoing status as a Schedule I substance severely impacts a plant-touching or ancillary business ability to bank and control its finances. 2020. Following the Jet Zero consultation, the UK government also opened a consultation on the specific establishment of a SAF blending mandate. Protects cannabis companies from the financial and operational impact of losing an essential team member. The combined demand for these fuels in 2021 is up 15%, or 7 billion litres, from 2019 levels. Find out about the world, a region, or a country, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Data Centres and Data Transmission Networks, Bioenergy with Carbon Capture and Storage, Explore Carbon Capture, Utilisation and Storage, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative. The feedstock projected to see the greatest relative growth over the medium term is vegetable oil, with production expected to rise 7% by 2025. The United States also plans to outline rule-making for the Renewable Fuel Standard (RFS) later this year (Office of Information and Regulatory Affairs, 2021b). These policy measures are considered essential steps to reduce greenhouse gas emissions in aviation, which is viewed as a "hard-to-decarbonize" sector. To continue reading you must login or register with us. Many cannabis companies operate with a cash-only business model. Sustainable Aviation Fuel. All airlines departing from EU airports will be obliged to uplift jet fuel prior to departure. This figure is likely to increase in the coming months as several other countries are expected to introduce mandates including Japan, where the government is considering a 10% SAF target by 2030, as well as New Zealand and Brazil. To achieve this mandate, 2.3 million tonnes of SAF would be required by 2030. Point 6 gave rise to the Jet Zero Strategy. Covers legal fees and other related costs if your companys technical failure causes third-party financial loss. Understanding the sustainable aviation biofuel potential insub-Saharan Africa. Get the latest aviation news straight to your inbox: Sign up for our newsletters today! Earlier on Nov. 11, Sebastian Mikosz, IATA's Senior Vice President Environment and Sustainability, was due to reaffirm the resolution that IATA took at its annual general meeting in October, when the aviation industry body pledged to achieve net-zero carbon emissions by 2050. Renewable diesel has the same chemical composition as fossil diesel and so is fully compatible with existing diesel engines. year over year, safe access to banks would further increase the financial equitability of this industry. Eight EU countries called on the European Commission for a European blending mandate to boost the supply and demand for sustainable aviation fuels. 2021. For example, some governments have responded to the current high price of feedstock by relaxing or delaying biofuel blending mandates, with the effect of reducing demand. Heres where the progress of the SAFE Act stands as of, First written in 2017, the SAFE Act has been, . Blending targets for biodiesel in Indonesia and Malaysia and Indias ethanol policies are responsible for most of this growth. Moreover, stakeholders have repeatedly called for a harmonisedand long-term policy landscape as the most important measure to mitigate obstacles to SAF production and its uptake. [https://www.icao.int/environmental-protection/GFAAF/Pages/Policies.aspx]ix Te Manatu Waka. As part of its Fit for 55 package, the European Commission released its ReFuelEU Aviation proposal, setting out the terms under which the Union aims to decarbonise its aviation sectorxiv. As part of that plan, China plans to vigorously promote alternatives like advanced liquid biofuels and SAF (The State Council of the Peoples Republic of China, 2021). They said the ReFuelEU Aviation initiative is a starting point for further EU coordination so as to ensure an integral and effective long-term agenda on sustainable aviation. Norway's ultimate target is for a 30% share of biofuels in the aviation . 2021. Ranked by implied blending volumes, OECD member states account for 19 of the top 20 long-term SAF targets, collectively amounting to 16.4 billion gallons of required SAF in 2050 should national targets be met. The mandate could promote SAFs generated from waste fats, oils, and greases By August 2021 biofuel prices had increased by between 70% and 150% across the United States, Europe, Brazil and Indonesia,2 depending on the market and fuel, from average 2019 prices. New timeline says 85% SAF by 2050 The Committee also favored adopting a more ambitious blending mandate timeline, presumably supported by the broadened definition, including lower-carbon fuels. IEA (2021), Renewables 2021, IEA, Paris https://www.iea.org/reports/renewables-2021, License: CC BY 4.0. [22] [https://skynrg.com/sustainable-aviation-fuel/saf/]vii Facts & Factors. Photo: Airbus On 26 April 2023, the EU Commission announced new regulations regarding the use of Sustainable Aviation Fuels (SAF). This section intends to give a broad overview of current general trends, shining a light on countries and regions which are particularly active in promoting SAF, and which are intending to place themselves at the forefront of the SAF industry. Finally, since 2019, Brazil has been developing its RenovaBio bill, which is designed to promote the decarbonisation of all transport fuels. Flights departing from EU airports using traditional kerosene are restricted to only refueling with the amount necessary for the flight. 3 To support this goal the government is working on a SAF tax credit linked to GHG intensity. Some European States have introduced, and others are considering, policies to incentivise the future uptake of SAF. Majority of the countries that have already proposed or have adopted blending targets for SAF are EU member states, which will be expected to comply with the EU's yet-to-be-finalized "Fit for 55" package that proposes a 2% SAF blending mandate by 2025, which goes up to 5% by 2030, and 63% by 2050. Insurance, credit card companies, and accounting services are also hard to come by. Corporate targets have also been announced by European airlines. The first main measure would be to establish a mandate on fuel suppliers for the incorporation of SAF. The Low Carbon Fuel Standard was adopted in California in 2018, and was designed tocredit innovation into new low-carbon fuel projectsviii. Create a free IEA account to download our reports or subcribe to a paid service. The European Parliament defined SAF as including synthetic fuels, biofuels, renewable electricity, and hydrogen-based fuels but excluding fuels from crops and feedstock. Asia surpasses total European biofuel production in the forecast period thanks to strong domestic policies, growing liquid fuel demand and export-driven production. Having insurance isnt a fail-safe against things going wrong, its a safety net for when they do. In Asia, Indias efforts to reach 20% ethanol blending by 2025 support global ethanol demand growth, while Indonesias 40% blending mandate planned for 2022 stimulates biodiesel expansion. New EU regulations could have a profound impact on the industry. Based on the S&P Global's view of total global aviation fuel demand by 2050, the national SAF blending targets would imply an 11.4% worldwide blending rate. Sustainable aviation fuels, including advanced biofuels and e-fuels, currently make up only 0.05% of EU jet fuel consumption. To achieve this goal, the EU has set out itsFit for 55 strategy, which lays out a set of proposals to update EU laws to ensure that the 2030 and 2050 targets are still within reachxiii. The mandate is expected to start in 2025 with a minimum volume of SAF at 2%, increasing in five-year intervals to ultimately reach a minimum volume of 63% in 2050, of which 28% would consist of synthetic aviation fuels. This disconnect between state and federal laws causes many banking institutions to be wary of cannabis or avoid the industry altogether. At global level, Airlines for America (A4A), anassociation of major US airlines, pledged in March 2021 to facilitate making around 6 million tonnes of SAF commercially available in the US by 2030, which would represent approximately 10% of their forecast 2030 jet fuel consumption At the heart of the European Green Deal, adopted in 2020, is the EUs pledge to become the first net zero continent by 2050.
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