Thank you very much for those questions.
The Reuters headline today was something like “Biofuels back in vogue”. The current geopolitical crisis is showing us how biofuels are showing up to help with fuel supply availability concerns for gasoline, diesel, jet fuel and marine fuels. Biofuels are part of the energy mix, not just a green solution—which of course they are, but they are a fundamental aspect of energy security.
You asked about how biofuels and low-carbon fuels made in Canada can help our exports. One of the benefits of low-carbon liquid biofuels is that they mix seamlessly with our petroleum fuels. They can use the same supply and distribution infrastructure. SAF, sustainable aviation fuel, is jet fuel. It can be certified as jet fuel. There are no additional handling concerns. In the same way that we can export crude, we also export refined petroleum products. Integrating biofuels in those exports is part of how we can make those attractive to international buyers that do not just have energy availability concerns but want to reduce emissions in the process.
Your second question was regarding SAF and what we need to do. Sustainable aviation fuel is a massive opportunity for Canada. It's one where we can have much of our sustainable canola go into. Canola is a very good SAF feedstock for many reasons—low cloud point, cold weather operability, etc. The most important thing that could be done for SAF is to simply move it under a regulation like was done in British Columbia. There is over 1% SAF being used in that province.
The clean fuel regulations, being a federal policy that followed on the renewable fuel regulations put in place by Prime Minister Harper, have the plumbing to include SAF. We think that's a key thing that will help supply low-carbon jet fuel, while also making it cost-competitive due to the compliance credit market the clean fuel regulations have.