Energy Transition & Environmental · Trading Desk

Biofuels & SAF Trading Desk Master Program

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Mandate markets, not free markets - physical, paper, and credit. A senior, governance-first program of 110 cumulative chapters - built for people who run the desk, not those learning the basics.

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110
Cumulative chapters
8
Modules
Senior
Desk-level program
Global
US · UK · EU · ME · APAC
Why this program exists

Built around survival, accountability, and senior decision-making

Most trading training focuses on theory or benchmarks. Real desks fail on governance gaps, logistics breakdowns, misunderstood risk, and systems that lag physical reality. This program is designed around how the desk actually operates and how it fails.

Who this program is for

Senior, not introductory

    Why seniors respect it

    No fluff

    • No junior-level fluff
    • Focused on real losses, not theory
    • Treats curves, logistics & systems with healthy skepticism
    • Reflects real global desk pain points
    Curriculum

    Curriculum - 110 Cumulative Chapters

    110 cumulative chapters across 8 modules. Every module builds on the last, from running the desk to desk leadership and legacy.

    Module 1 - What a Biofuels & SAF Desk Really Is (Chapters 1-10) 10 chapters
    1. Why Biofuels Are Mandate Markets, Not Free Markets
    2. Biofuels vs SAF - Where the Money Actually Is
    3. Physical, Paper & Credit Desks
    4. Trader vs Compliance vs Operations Responsibilities
    5. Desk Mandates, Capital Allocation & Risk Budgets
    6. When Not to Trade Biofuels
    7. Speculation vs Compliance Control Points
    8. How Biofuel Desks Actually Fail
    9. Senior View of Biofuel Desk P&L
    10. Lessons from Failed Biofuel Books
    Module 2 - Market Structure & Regulation Reality (Chapters 11-26) 16 chapters
    1. US RFS (RINs) - Real Risk, Not Policy Theory
    2. LCFS (CA, OR, WA) Mechanics
    3. EU RED II / RED III Reality
    4. SAF Mandates & Book-and-Claim
    5. Feedstock Eligibility Rules
    6. Double Counting & Fraud Risk
    7. Regional Fragmentation (US, EU, Asia)
    8. Compliance Deadlines as Price Drivers
    9. Regulatory Change as Primary Risk
    10. Credit Banking & Carry Risk
    11. Political Risk in Renewable Fuels
    12. Liquidity Illusions in Credit Markets
    13. When Mandates Move Against You
    14. Enforcement & Audit Exposure
    15. Policy Delays & Retroactive Changes
    16. Case Study: Regulatory Shock
    Module 3 - Senior Trading & Structuring Playbooks (Chapters 27-44) 18 chapters
    1. Physical Fuel vs Credit-Only Trading
    2. Feedstock-Driven Optionality
    3. Margin Stack Reality (Feedstock → Conversion → Credits)
    4. RIN Generation vs Purchase Strategy
    5. SAF Pricing Without a Benchmark
    6. Blending Economics & Optimization
    7. Location & Logistics Arbitrage
    8. Inventory Timing Risk
    9. Counterparty Credit in Biofuels
    10. Cross-Commodity Exposure (Ag, Energy, Carbon)
    11. Scaling Positions Without Liquidity
    12. Knowing When Mandates Are Overpriced
    13. Risk-Off Playbooks
    14. Correlation Breakdown Events
    15. Trading Through Policy Noise
    16. Senior Trade Review Framework
    17. Walking Away from “Green” Trades
    18. Case Study: Trade That Looked Compliant
    Module 4 - Valuation, Credits & Model Skepticism (Chapters 45-58) 14 chapters
    1. Biofuel Valuation - Why Models Lie
    2. Credit Price Formation Reality
    3. Feedstock Volatility vs Credit Floors
    4. MTM as Narrative, Not Truth
    5. P&L Attribution: Fuel vs Credit
    6. Stressing Policy Assumptions
    7. Banking & Carry Valuation Errors
    8. Model Override Governance
    9. Consultant Curves vs Desk Reality
    10. Shadow Books & Excel
    11. When Credit Models Break
    12. Managing Analytics Teams
    13. Audit-Driven Valuation Adjustments
    14. Case Study: Model-Driven Credit Loss
    Module 5 - Risk, Credit & Compliance Survival (Chapters 59-74) 16 chapters
    1. Risk as Capital & License Preservation
    2. Feedstock Supply Risk
    3. Liquidity Risk in Credits
    4. Counterparty Default Risk
    5. Inventory Write-Downs
    6. Compliance Failure Scenarios
    7. Margin Calls in Thin Markets
    8. Stress Testing Mandate Changes
    9. Kill Switches & Trading Freezes
    10. Who Pulls the Plug - And When
    11. Risk Escalation Playbooks
    12. Regulatory Scrutiny & Investigations
    13. Lessons from Biofuel Blow-Ups
    14. Fraud Cases Traders Should Know
    15. SAF Credit Failures
    16. Case Study: Desk Survival Playbook
    Module 6 - Execution, Logistics & Operational Risk (Chapters 75-86) 12 chapters
    1. Physical Movement & Blending Reality
    2. Storage & Quality Degradation
    3. Certification & Chain-of-Custody
    4. Documentation Failures
    5. Measurement & Volume Disputes
    6. Logistics Bottlenecks
    7. Operational Overrides & Audit Trails
    8. Disallowed Credits & Clawbacks
    9. Force Majeure Abuse
    10. Settlement Disputes
    11. Follow-the-Sun Operations
    12. Operational Risk Case Study
    Module 7 - Systems, ETRM & Credit Tracking (Chapters 87-98) 12 chapters
    1. Why ETRM Struggles with Biofuels
    2. Physical + Credit Deal Capture
    3. Credit Lifecycle Tracking
    4. Exposure Views That Matter
    5. MTM Under Regulatory Uncertainty
    6. Reporting for Regulators
    7. Shadow Systems & Manual Tracking
    8. Governance Failures in Credit Desks
    9. Change Control & Audit Trails
    10. What a Desk-Grade Biofuel Stack Looks Like
    11. Integration with Emissions Systems
    12. When Systems Create False Comfort
    Module 8 - Behavior, Accountability & Leadership (Chapters 99-110) 12 chapters
    1. Career Risk on Compliance Desks
    2. Incentives vs Compliance Reality
    3. Overconfidence in Policy Stability
    4. Decision-Making Under Ambiguity
    5. Ethics & Disclosure Risk
    6. Crisis Leadership Under Investigation
    7. Managing Post-Loss Environments
    8. Cultural Drift on Mandate Desks
    9. Board-Level Risk Communication
    10. Lessons from Long-Lived Biofuel Desks
    11. When to Exit a Market
    12. Legacy of a Senior Biofuel Trader
    Program formats

    How you learn

    Self-paced

    Lifetime access as a senior reference you return to as markets shift.

    Cohort-based

    Instructor-led cohorts with live discussion and desk case reviews.

    Enterprise

    Private, tailored delivery for your desk, systems, and governance.

    Executive offsites

    Intensive desk offsites and post-incident remediation for teams.

    Related desks

    Explore the other desks

    See all trading desks →

    Go deeper

    Related learning

    FAQ

    Biofuels & SAF desk program - answered

    What is the Biofuels & SAF Desk Master Program?

    It is a senior, practitioner-led program covering the biofuels & saf trading desk end to end - what the desk is accountable for, how it makes and loses money, and how it should be governed. It spans 110 cumulative chapters across 8 modules.

    Who is the Biofuels & SAF program for?

    Senior traders, desk heads, risk and credit leaders, and trading-systems owners.

    How many chapters does the Biofuels & SAF program have?

    The curriculum runs to 110 cumulative chapters organized into 8 modules, from running the desk through market structure, playbooks, valuation, risk, execution, systems, regulation, and desk leadership.

    Is this a beginner course?

    No. This program assumes you already trade, manage risk, own trading systems, or lead a book. It is built for senior decision-making, not introductory learning.

    Is there a downloadable brochure?

    Yes. A PDF brochure summarizing the curriculum, formats, and outcomes is available from the download button at the top of this page.

    What delivery formats are available?

    Self-paced with lifetime access, instructor-led cohorts, private enterprise delivery, and executive desk offsites or post-incident remediation for teams.

    Can my organization run this privately?

    Yes. The program can be delivered as a private corporate cohort, tailored to your desk, systems, and governance. Use the contact form to scope it.

    Why does the Biofuels & SAF program exist?

    Because most biofuels & saf training focuses on theory, while real desks fail on governance, logistics, misunderstood risk, and systems that lag reality. This program is built around survival, accountability, and senior decision-making.

    How does this relate to your ETRM and Energy programs?

    It complements them. This desk program focuses on how the desk trades and is governed; our ETRM and data-engineering programs cover the systems and data, and the Energy & Commodities program gives broad end-to-end coverage.

    How do I enrol or request details?

    Use the contact form to request program details or a corporate cohort, and a senior practitioner will respond to scope the right next step.

    Advance your biofuels & saf desk

    Enrol as a senior individual or bring the program to your desk as a tailored corporate cohort.

    Enrol or enquire