Argus has launched Asia’s first renewable diesel and sustainable aviation fuel (SAF) prices.

“These prices are designed to meet the growing need for greater transparency in renewable fuel markets as countries in the region seek to reduce their greenhouse gas emissions,” the global energy and commodity price reporting agency said on 7 December.

“China, Japan and South Korea have set ambitious decarbonisation targets and a number of private sector companies have announced that they will achieve net zero carbon emissions by 2050,” Argus added.

“As these countries and companies move away from fossil fuels, hydrotreated vegetable oil (HVO) or renewable diesel is becoming increasingly popular as an alternative to traditional petroleum diesel.”

The new Argus prices were for renewable diesel produced from three different groups of feedstocks ­- food and feed crops, used cooking oil/palm oil mill effluent, and tallow.

SAF was made from waste products such as used cooking oil and could be mixed with conventional jet fuel to provide a lower-carbon alternative to purely petroleum-based jet fuel.

Argus said the two new prices would be published daily in the Argus Biofuels report and the SAF price would also be included in the Argus Jet Fuel report.

“These new prices help shed light on an increasingly important part of the diesel and jet-kerosene pool in Asia,” Argus Media chairman and chief executive Adrian Binks said.

The agency publishes an international range of price assessments for environmentally-friendly fuels including renewable diesel and biodiesel, SAF, ethanol, renewable feedstocks and environmental credits.