Corteva and BP to form joint venture to develop low-carbon intensity biofeedstocks for jet fuel production

WASHINGTON (dpa-AFX) – Corteva Farm, Inc. (CTVA) on Monday announced a collaboration with bp plc (BP, BP.L) on the companies’ shared intention to form a crop-based biofuels joint venture to develop low-carbon intensity biofeedstocks for the production of jet fuel.

This will help meet the expected growth in demand for ‘sustainable aviation fuel’ (SAF).

In the EU, a SAF mandate will begin in 2025 and require fuel supplies at EU airports to contain at least 20% SAF by 2035 and 70% by 2050.

The Corteva and bp joint venture would aim to gradually scale up volume and reach a supply of one million tonnes of biofuel feedstock for SAF production per year by the mid-2030s.

Corteva plans to contract with farmers in the Americas and Europe to grow proprietary Corteva mustard seed, sunflower and canola feedstocks well suited for SAF production.

The JV would aim to introduce new cropping systems to produce oil that meets EU RED III criteria and qualifies for US policy incentives with low carbon intensity, while creating a new revenue stream for farmers.

The two companies expect to finalize definitive agreements in 2025, with the target operational date for the JV later this year.

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