Platts proposes to update B24 biobunker Singapore GHG savings specifications

Platts, part of S&P Global Commodity Insights, proposes to update the specifications for its B24 biobunker Singapore assessments to include a minimum greenhouse gas savings specification, effective March 3, 2025.

Under this proposal, the biobunker stems considered for the assessments would have to specify a minimum of 84% GHG savings for the biofuel component.

The biofuel blended with the fuel oil should meet a minimum of 84% reduction in GHG emissions against the 94 gCO2eq/MJ comparator, which is equivalent to the default emissions value of 14.9 gCO2eq/MJ under the EU Renewable Energy Directive (RED).

The Platts methodology would continue to state that biobunker stems must adhere to proof of sustainability obtained in the framework of voluntary schemes approved by the EU Commission, such as ISCC or any other recognized industry equivalent.

Further details of the Singapore biobunker assessment specifications can be found here.

The change in specifications would apply to the following Singapore biobunker assessments:

LSFOO00 – B24 Biobunkers LSFO Singapore Outright Price

LSFOB00 – B24 Biobunkers LSFO Singapore Premium

In addition, the minimum 84% savings requirement would apply to the below assessments, launching March 3 (details available here)

HSFOO00 – B24 Biobunkers HSFO Singapore Outright Price

HSFOB00 – B24 Biobunkers HSFO Singapore Premium

Please send any questions, comments or feedback to mrts_biofuelsandfeedstocks@spglobal.com and pricegroup@spglobal.com by Feb. 24, 2025.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.