Our Price Explained
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Market Overview
Market Overview
Aviation accounts for approximately 3% of global CO₂ emissions, making decarbonization in this sector critical for meeting climate targets. As countries and industries intensify efforts to reduce greenhouse gas emissions, Sustainable Aviation Fuel has emerged as one of the most promising solutions to lower the carbon footprint of air travel without requiring major changes to existing aircraft or infrastructure.
The adoption of SAF varies across regions, reflecting different policy choices, market structures, and levels of regulatory ambition. While some regions rely on binding mandates to create demand, others use financial incentives or regional programs to encourage production and use. Together, these approaches show how SAF is emerging globally, shaped by local priorities and resources.
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Global Approaches and Regional Differences
Global Approaches and Regional Differences
Europe
Europe leads global SAF consumption through strong regulatory mandates. The EU’s ReFuelEU Aviation regulation requires fuel suppliers to blend increasing volumes of SAF, starting at 2% in 2025 and rising steadily to 70% by 2050. This clear, long-term policy signal has accelerated investment, infrastructure development, and airline adoption across the region.
United States
The United States promotes SAF through a patchwork of federal and state incentives, rather than national blending mandates. Federal programs reward fuels with lower lifecycle emissions, while state-level policies—most notably California’s Low Carbon Fuel Standard—create strong state-level demand. These layered incentives encourage innovation and early SAF adoption, but leave long-term volumes subject largely to market forces.
Asia
Asia’s SAF market is emerging rapidly, driven by aviation growth and increasing climate commitments. Countries such as Japan and Singapore are investing in production capacity, pilot programs, and future blending requirements, while China is advancing domestic SAF trials. Although mandates are limited, momentum is building through government–industry collaboration and infrastructure readiness.
Latin America
Latin America is in the early stages of SAF development, but holds strong long-term potential due to abundant biomass resources and biofuel expertise. Brazil is leading regional efforts, with other countries exploring policy frameworks, feasibility studies, and pilot projects. Interest in SAF is growing as governments and industry recognize its role in both emissions reduction and economic development.
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Role of International Organizations
Role of International Organizations
ICAO (International Civil Aviation Organization)
ICAO, a United Nations agency, has set a net-zero emissions goal for international aviation by 2050. It promotes SAF through CORSIA, a global market-based mechanism, and aims for a 5% reduction in international aviation CO₂ by 2030 compared to a baseline without cleaner fuels
IATA (International Air Transport Association)
IATA, representing global airlines, has also committed to net-zero emissions by 2050. Its plan relies on 65% SAF, 19% offsets, and 16% new technology and infrastructure to achieve the target.
Policy support for SAF operates through a combination of domestic incentives, binding mandates, and multilateral frameworks that interact across jurisdictions. Incentive-based mechanisms, primarily in the United States, rely on carbon pricing systems and fiscal tools to improve SAF economics and encourage early supply development. In parallel, Europe and the UK anchor demand through mandate-led frameworks embedded within broader climate and transport policies.
These national approaches sit alongside multilateral mechanisms, including SAF certificates and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which provide pathways for emissions accounting and compliance in international aviation. Together, these layers create differentiated demand signals while collectively influencing SAF adoption, compliance value, and price formation across global markets.
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What are the Platts SAF Price Assessments?
What are the Platts SAF Price Assessments?
Platts SAF Price Assessments provide daily, independent price benchmarks for SAF in major markets. They are based on actual market activity, including bids, offers, trades, and other verified market indicators, and show how SAF prices compare to conventional jet fuel. The assessments cover 100% neat SAF (pure fuel) produced via the HEFA pathway labeled H-S (HEFA-SPK) under ASTM D7566 standards. Prices are reported both as outright values and premiums over jet fuel, helping airlines, producers, and investors make informed decisions.
Regional coverage:
Europe: SAF prices include spreads such as CIF Northwest Europe and FOB FARAG, tracking SAF.
United States: Regional premiums are tracked in California (Platts Jet Kero LA pipeline) and Illinois (Platts Jet Kero Chicago pipeline), reflecting domestic HEFA SAF production and market activity.
Sustainable Aviation Fuel ETJ Cost of Production, USGC
Platts publishes cost-based values reflecting the production of SAF from ethanol.Asia (FOB Straits): Platts provides a market-based daily SAF price for the Straits of Malacca region, including volumes from Indonesia, Thailand, and nearby suppliers. The region currently has ~1.9 million metric tons of annual SAF capacity, with more coming online soon.
Platts SAF Price Assessments give the market transparent, reliable, and comparable pricing information worldwide, supporting trading, investment, and SAF adoption.
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What is the e-Window for EU SAF?
What is the e-Window for EU SAF?
Platts launched the Sustainable Aviation Fuel CIF NWE Cargoes and Sustainable Aviation Fuel FOB FARAG Barges assessments on our Platts eWindow communication tool.
The eWindow is a data-entry and online communications tool that provides market participants with a transparent, at-a-glance view of price assessments in the physical spot and derivatives markets. The Platts SAF methodology is hard coded into the platform.
Entities that have completed the Platts Market on Close review process may publish interest to buy and sell on the eWindow platform, providing full transparency on the market activity that Platts uses to produce its price assessments.
Expressions of interest may be published right up to the market close, providing the most relevant pricing information for consideration in the assessment process.
The SAF eWindow provides flexibility in pricing, allowing participants to publish bids and offers as a premium to escalated Platts jet swaps, escalated ICE low sulfur gasoil futures, or as an outright price.
The eWindow is hosted on the WebICE platform, licensed from the Intercontinental Exchange.
Reach out to the Platts eWindow team at eWindow@spglobal.com for more information.
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How do we assess SAF?
GLOBAL Market-based SAF Assessments - Specifications
Region Sub-region Assessment Delivery Volume Credit Treatment¹ Credits Considered Europe Northwest Europe SAF (H-S) CIF NWE Cargo 5,000–10,000 mt NA NA Flushing-Amsterdam-Rotterdam-Antwerp-Ghent SAF (H-S) FOB FARAG Barge 1,000–3,000 mt NA NA United States California based LA SAF (H-S) CA (credits det) Min 1,000 bbl Credit-Detached Detaching the Federal Tax Credit, LCFS and D4 RIN California based LA SAF (H-S) CA Premium (credits det) Min 1,000 bbl Credit-Detached Detaching the Federal Tax Credit, LCFS and D4 RIN California based LA SAF (H-S) CA Min 8,000 bbl Credit-Attached Attaching the Federal Tax Credit, LCFS and D4 RIN California based LA SAF (H-S) CA Premium Min 8,000 bbl Credit-Attached Attaching the Federal Tax Credit, LCFS and D4 RIN Illinois based Chicago SAF (H-S) IL (credits det) Min 1,000 bbl Credit-Detached Detaching the Federal Tax Credit, Illinois purchase Credit and D4 RIN Illinois based Chicago SAF (H-S) IL Premium (credits det) Min 1,000 bbl Credit-Detached Detaching the Federal Tax Credit, Illinois purchase Credit and D4 RIN Illinois based Chicago SAF (H-S) IL Min 1,000 bbl Credit-Attached Attaching the Federal Tax Credit, Illinois purchase Credit and D4 RIN Illinois based Chicago SAF (H-S) IL Premium Min 1,000 bbl Credit-Attached Attaching the Federal Tax Credit, Illinois purchase Credit and D4 RIN Asia Southeast Asia SAF FOB Straits 5,000–10,000 mt NA NA Credit Treatment¹ - US SAF Credit Structure
Credit Treatment Example Concept Credit-Detached SAF value after claiming incentives Credit-Attached SAF value before claiming incentives -
SAF Assessments
SAF Assessments
Symbols by region
Region Assessment UoM Symbol Mirror Symbols Europe SAF (H-S) CIF NWE Cargo $/mt AJNWD00 MIRWD00 Europe SAF (H-S) CIF NWE Cargo Premium $/mt AJNWF00 MIRWF00 Europe SAF (H-S) FOB FARAG Barge $/mt SUAFA00 SUAEA00 Europe SAF (H-S) FOB FARAG Barge Premium $/mt SUAFB00 SUAEB00 Europe SAF FOB Straits $/mt SFSMT00 SFSMR00 Europe SAF (H-S) CIF NWE Cargo $/bbl AJNWE00 MIRWE00 Europe SAF (H-S) CIF NWE Cargo Premium $/bbl AJNWG00 MIRWG00 Europe SAF (H-S) FOB FARAG Barge $/bbl SUAFG00 SUAEG00 Europe SAF (H-S) FOB FARAG Barge Premium $/bbl SUAFH00 SUAEH00 Europe SAF FOB Straits $/bbl SFSBB00 SFSBR00 Europe SAF (H-S) CIF NWE Cargo c/gal AJNWJ00 MIRWJ00 Europe SAF (H-S) CIF NWE Cargo Premium c/gal AJNWK00 MIRWK00 Europe SAF (H-S) FOB FARAG Barge c/gal SUAFE00 SUAEE00 Europe SAF (H-S) FOB FARAG Barge Premium c/gal SUAFF00 SUAEF00 Europe SAF (H-S) CIF NWE Cargo Eur/mt AJNWH00 MIRWH00 Europe SAF (H-S) CIF NWE Cargo Premium Eur/mt AJNWI00 MIRWI00 Europe SAF (H-S) FOB FARAG Barge Eur/mt SUAFC00 SUAEC00 Europe SAF (H-S) FOB FARAG Barge Premium Eur/mt SUAFD00 SUAED00 US SAF (H-S) CA c/gal SAFCA00 SAFDA00 US SAF (H-S) CA Premium c/gal SAFCB00 SAFDB00 US SAF (H-S) CA (credits det) c/gal SFCAD00 SFCBD00 US SAF (H-S) CA Premium (credits det) c/gal SFCCD00 SFCDD00 US Aviation Turbine Fuel 30/70 blend basis CA c/gal SAFCF00 SAFDF00 US SAF (H-S) IL c/gal SAFCD00 SAFDD00 US SAF (H-S) IL Premium c/gal SAFCE00 SAFDE00 US SAF (H-S) IL (credits det) c/gal SFILA00 SFILB00 US SAF (H-S) IL Premium (credits det) c/gal SFILB00 SFILC00 US Aviation Turbine Fuel 30/70 blend basis IL c/gal SAFCG00 SAFDG00 Asia SAF (H-S) FOB Straits Premium $/bbl SHSHB00 SHSHC00 Asia SAF (H-S) FOB Straits Premium $/mt SFSHA00 SFSHC00 Asia SAF (H-S) FOB Straits $/bbl SFSBB00 SFSBR00 Asia SAF (H-S) FOB Straits $/mt SFSMT00 SFSMR00
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