A previously developed renewal model included parameterizations for the thermal skin effect and interfacial gas transfer velocity. The more readily available cool skin data were used for an adjustment of the gas transfer parameterization. In this work, the renewal concept is extended to include the velocity difference across the viscous sublayer and to account for the stage of surface wave development. As a result, the empirical coefficients that enter the renewal model have been specified more accurately using laboratory data on the surface wind drift current. In addition, the coefficient linking the cool skin and gas transfer parameterization formulas has been determined from the probability distribution function for renewal events. A comparison of the upgraded renewal model with the thermal skin data collected during the COARE and more recent field programs and with gas transfer data collected during GasEx-01 experiment suggests that the renewal model can be a useful tool for producing a physically based parameterization for the interfacial CO2 transfer velocity. Model uncertainties associated with the effect of surface films are discussed.