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The California Climate Disclosure Bill Almost No One is Talking About - Net Zero and Voluntary Carbon Offsets Disclosures Soon To Be Required? - While SB 253 and SB 261 have garnered much attention in the last few weeks, AB1305 has seen little mention. AB 1305 aims to combat greenwashing related to the voluntary carbon offset market (VCM). If adopted, the bill would require entities that purchase or use voluntary carbon offsets (VCO) that make claims of achieving net zero, indicate an entity or product as “carbon neutral,” or imply it does not add net CO2 or greenhouse gases, or has made significant reductions to its CO2 or greenhouse gases must disclose a number of items on its website. Source: Ropes & Gray FAA Provides $300M For Sustainability-Related Projects - The FAA will provide almost $300 million in funding for projects to develop sustainable aviation fuel (SAF) supply chains and technologies to reduce aviation emissions. Applications for funding are open, with the first round of awards under the Fueling Aviation’s Sustainable Transition (FAST) grant program expected in mid-2024. Source: Aviation Week Rolls-Royce Nozzle Breakthrough Brings Hydrogen Plane Engines Closer to Reality - The firm is working with partner easyJet to develop hydrogen combustion engine technology capable of powering a range of aircraft from the mid-2030s onwards. It said it completed tests on a full annular combustor of a Pearl 700 engine, which was running solely on hydrogen fuel. The test proves that the fuel can be combusted at conditions needed to achieve maximum take-off thrust. Source: Engineering and Technology Airbus to Help Build SAF Supply Chain in Japan - Airbus has joined Japan's ACT FOR SKY—a voluntary organization that commercializes, promotes, and expands the use of locally-produced sustainable aviation fuel—to support building a resilient supply chain in the country. Source: S&P Global EU Law Mandates SAF Offtake, Proposes Fines For Non-Compliance - The key provisions of the regulation obligate 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. Fuel suppliers will have to incorporate 2% SAF in 2025, 6% in 2030, and 70% in 2050. From 2030, 1.2% of fuels must also be synthetic fuels, rising to 35% by 2050. Moreover, the regulation mandates aircraft operators to ensure that the yearly quantity of aviation fuel uplifted at a given EU airport is at least 90% of the yearly aviation fuel required to avoid tankering practices, which would bring additional emissions from extra weight. Source: SAF Investor Have questions? Contact our regulatory team. SkyTeam Announces Sustainable Flight Challenge Winners - Global airline alliance SkyTeam has announced the seven winners of its annual Sustainable Flight Challenge 2023. The Sustainable Flight Challenge started last year and exists to challenge the aviation industry by stimulating and accelerating innovation along the pathway to zero emissions flight. Winners include Kenya Airways, KLM Royal Dutch Airlines, Air France, TAROM, China Eastern, KLM Cityhopper, and Air Europa. Source: Simple Flying
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