Around the world, there’s a strong push to put aviation on a more sustainable footing and reduce the industry’s greenhouse gas (GHG) footprint. Increasing the production of sustainable aviation fuel (SAF) — a close cousin of renewable diesel (RD) — is key to this effort. But while the economic case for producing RD in the U.S. has been compelling for some time thanks to government subsidies, the returns on investment for producing SAF appear more dubious, despite a seemingly generous production tax credit for SAF in the Inflation Reduction Act (IRA). As we discuss in today’s RBN blog, the incentive for making jet fuel is likely too small — and too short-lived — to overcome the higher cost of production for SAF compared to RD, and additional incentives may be needed to spur meaningful increases in SAF production.
Jet fuel is the planet’s third-most consumed transportation fuel, totaling about 7 MMb/d globally. Although worldwide consumption of jet fuel is significantly less than diesel (28 MMb/d) and gasoline (24 MMb/d), it represents a respectable 12% of these “Big Three” clean transportation fuels. In the U.S., jet fuel accounts for a similar portion. Therefore, its considerable volume presents a valid target for carbon reduction. Many airlines have set “net-zero-by-2050” targets and (many would argue) the increased use of SAF would have more of a climate impact than carbon offsets. So, when combined with the environmental objectives of consuming airlines, there seems to be a case to be made for SAF. But is it economic to produce?
The Future of Fuels bi-annual report by RBN's Refined Fuels Analytics provides an in-depth analysis of the U.S. and global refinery industries, focusing on crude oil and fuel market dynamics, supply and demand, alternative fuels, refinery capacities, and price forecasts to help stakeholders navigate the evolving energy landscape.
As we said in Sail Away, SAF and RD not only provide lower-carbon, renewable-based alternatives to petroleum-based jet fuel and diesel, respectively, they are also the chemical twins of those widely used fuels and therefore can serve as “drop-in” replacements for them. Further, SAF and RD (like traditional jet fuel and diesel) have similar — but not identical — chemical makeups, with the specs for SAF (like jet fuel) reflecting the special needs of jet engines and jet aircraft (such as a very low freeze point).
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About the song
“It's Not Enough” was written by Pete Townshend and Rachel Fuller and appears as the eighth song on The Who’s 11th studio album, Endless Wire. It was released as a digital download single from the album in October 2006. Personnel on the record were: Pete Townshend (guitars, keyboards, backing vocals, drums, drum machine), Roger Daltry (lead vocals), John “Rabbit” Bundrick (organ, backing vocals), Stuart Ross (bass), Billy Nicholls (backing vocals), Peter Huntington (drums), Jolyon Dixon (acoustic guitar), and Rachel Fuller (keyboards).
Endless Wire was recorded between December 2004 and May 2006 at Pete Townshend’s home studio in London and Eel Pie Oceanic in London. Produced by Pete Townshend, Bob Priddle, and Billy Nicholls and released in October 2006, it was The Who’s first new studio album in 24 years and the first since the death of bassist and founding member John Entwistle. Townshend worked the songs from this album into a full-length rock musical, a workshop version of which was presented at Vassar College’s Powerhouse Summer Theater workshop series in July 2007. The album went to #7 on the Billboard 200 Albums chart. Five singles were released from the LP.
The Who is an English rock band formed in London in 1964 by Pete Townshend, Roger Daltry, John Entwistle, and Keith Moon. They are considered one of the most influential rock bands of all time, with over 100 million records sold worldwide. They have released 12 studio albums, 16 live albums, 27 compilation albums, four soundtrack albums, four EPs and 58 singles. The Who are members of the Rock and Roll Hall of Fame and UK Music Hall of Fame, and have a Lifetime Achievement Award from the Grammy Foundation. The band has had six members pass through its rolls since its formation. Keith Moon died in 1978 and John Entwistle died in 2002. Pete Townshend and Roger Daltry continue to record and tour as The Who and begin a European tour starting in mid-June 2023.
Comments
I've seen breakouts of the % of CO2 emissions that come from each major energy sector (heating, chemicals, transport, etc.) and it shows that aviation is only 4% of the total. While realizing that every little bit helps, would we be better off to focus on the big sectors first? Setting up a competition between food and fuel with these super ambitious targets for what seems like a small part of the problem doesn't make a lot of sense.