South Korea is gearing up to make a significant shift towards sustainable aviation fuel (SAF) with a target of 1% usage for all departing international flights by 2027. This move is in preparation for the mandatory carbon offset and reduction scheme set by the International Civil Aviation Organization.
The industry and transport ministries emphasized the need for bold policy support to tap into the growing global demand for SAF. Six South Korean airlines, including Korean Air, have already started incorporating 1% SAF in the fuel for one international route weekly starting this year.
SAF, derived from agricultural and waste feedstocks, is seen as a viable alternative to traditional petroleum jet fuel. The ministries project a surge in demand for SAF, reaching 18.35 million tonnes by 2030.
In a bid to incentivize the oil refining industry to invest in SAF development, the government is considering tax breaks and other measures to alleviate the high production costs associated with SAF.
Source: Reuters