Airlines Invest $200M in Sustainable Fuel Fund
Highlights
- Top airlines and financial institutions partner to up production of sustainable aviation fuel (SAF).
- The newly formed Sustainable Aviation Fuel Financing Alliance (SAFFA) aims to invest $200 million in mature SAF projects.
- Focus on waste-based feedstocks and geographically diverse production ways to increase SAF availability.
- Priority contracts for SAF offtake will be available to participating airlines.
Airbus, Air France-KLM Group, Associated Energy Group, BNP Paribas, Burnham Sterling, Mitsubishi HC Capital Inc., and Qantas Airways Limited have joined hands to create the Sustainable Aviation Fuel Financing Alliance (SAFFA).
This partnership, with Airbus as the anchor investor, has secured a combined investment of $200 million to uptake the production of sustainable aviation fuel (SAF).
Sustainable Future
Each partner brings experience and financial expertise to the table. SAFFA's focus is on investing in technologically mature projects that use waste-based feedstocks. This diversified approach has various SAF production paths across different regions, ensuring a broader impact.
Sustainable Fuel Supplies
Partners involved in SAFFA will have the opportunity to secure priority contracts for SAF produced by the projects the fund invests in. This ensures a consistent supply of sustainable fuel for participating airlines, so supporting their goal to reduce their environmental impact.
Focus on Certified Sustainability
Investments in SAF projects that satisfy the certification requirements of RefuelEU Aviation or CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) are given priority by SAFFA. This guarantees the highest level of sustainability for the produced fuel.
Crysalis Biosciences
SAFFA has already made its first investment in Crysalis Biosciences, a company committed to revolutionising U.S. chemical manufacturing with innovative fuel and chemical production technologies. Crysalis recently acquired and revamped the Monarch facility, a previously shuttered ethanol plant in Illinois. This facility is now operational and poised to produce low carbon intensity SAF and biochemicals, contributing to the future of sustainable aviation.
The formation of SAFFA and its inaugural investment in Crysalis Biosciences represent a potential step towards a more sustainable aviation industry. By focussing on mature technology, various production methods, and approved fuels, SAFFA hopes to make SAF more accessible and promote cleaner skies.
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Source: Airbus
