CHICAGO, July 25, 2023 /PRNewswire/ — A groundbreaking initiative that seeks to bolster the supply of sustainable aviation fuel (SAF) has achieved remarkable success within just five months of its launch. The Sustainable Flight Fund, established by a prominent airline company in February 2023, has expanded its investment capacity to nearly $200 million and is proud to welcome eight esteemed corporate partners to its mission.
The new partners joining the Sustainable Flight Fund are American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines, and JetBlue Ventures. They will stand shoulder-to-shoulder with the fund’s initial partners, including Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.
Focused on supporting innovative start-ups that contribute to the production of sustainable aviation fuel, the Sustainable Flight Fund has witnessed overwhelming support from both businesses and consumers. Notably, more than 60,000 customers of the aforementioned airline have already contributed over $200,000 since the fund’s inception.
Sustainable aviation fuel (SAF) is gaining traction as a greener alternative to conventional jet fuel, effectively reducing greenhouse gas (GHG) emissions associated with air travel. The airline company behind this initiative has been at the forefront of SAF investment, having committed to future SAF production exceeding five billion gallons – the highest among all airlines.
The President of United Airlines Ventures, Michael Leskinen, emphasized that while the airline company cannot single-handedly decarbonize the entire aviation industry, it can leverage its leadership and reputation to rally others to join the cause. He expressed pride in the dedication demonstrated by the new and existing partners, emphasizing their collective commitment to reducing the industry’s carbon footprint and addressing the challenges posed by climate change. Rather than competing for limited SAF supplies, the Sustainable Flight Fund encourages collaboration, with partners aiming to scale the SAF industry and gain equity in groundbreaking technologies.
Moving forward, the airline will continue to seek partnerships with corporations across various sectors, prioritizing investments in cutting-edge technology, advanced fuel sources, and established SAF producers. These efforts are intended to accelerate the scale and accessibility of sustainable aviation fuel. Additionally, partners who join the initiative have the potential to access preferential attributes associated with United’s future supply of SAF.
SAF currently requires blending with conventional jet fuel to meet regulatory requirements for aircraft use. However, the Sustainable Flight Fund envisions investing in a diverse range of SAF feedstocks and technologies, including those derived from used cooking oil, agricultural waste, and potentially household trash or forest waste in the future. By supporting policy incentives for SAF production, the airline company’s efforts can contribute significantly to a sustainable future for the aviation industry.
Initially launched with over $100 million in investments from the airline company and its founding partners, the Sustainable Flight Fund aims to foster collaboration among all participants. Through this fund, they collectively invest in SAF technology and production start-ups identified by the airline company. The united approach is expected to fast-track the development and adoption of sustainable aviation fuel, ultimately reducing the industry’s environmental impact and paving the way for a greener era of flight.