Corteva Inc. has announced a collaboration with oil and gas company bp on the companies’ intent to form a new joint venture to meet anticipated growth in demand for sustainable aviation fuel (SAF).
According to a news release, a SAF mandate begins in the European Union in 2025, requiring fuel at EU airports to contain at least 20% SAF by 2035 and 70% by 2050.
The goal of Corteva and bp’s joint venture is to produce and deliver crop-based biofuel feedstocks, specifically 1 million metric tons per year of biofuel feedstocks for SAF production by the mid-2030s.
Corteva plans to contract with farmers in North and South America and Europe to grow proprietary mustard seed, sunflower and canola feedstocks that are suited to SAF production.
The joint venture would also aim to introduce new cropping systems to produce oil that meets EU Renewable Energy Directive III criteria and qualifies for U.S. Low Carbon Intensity policy incentives.
“This partnership is proof positive that agriculture can continue to be part of the solution to the world’s decarbonization opportunities, including by leveraging Corteva’s technology, global scale and unique grower relationships,” Corteva Chief Strategy Officer Brook Cunningham said in a prepared statement. “We are excited at the prospect of partnering with bp to help the European airline industry become more sustainable while giving farmers a new source of income.”
The companies aim to finalize the agreement in 2025 and launch the joint venture later in the year, the release said.