United Airlines has unveiled a fund with an initial investment of $100+ million to support start-up ventures focused on the development and production of sustainable aviation fuel.
The initial investment in the fund comes from United and corporate partners including JPMorgan Chase, GE Aerospace, Honeywell, and Air Canada.
The airline has also invited customers to support its efforts by contributing to the fund, with the first 10,000 to do so receiving miles in its loyalty programme in recognition.
United claims to have invested more than any other airline in the development of sustainable fuel, including a commitment to the future production of more than three billion gallons of SAF.
It said: “The UAV Sustainable Flight Fund is open to investment by corporations across industries and the fund will prioritise investment in new technology, advanced fuel sources and proven producers, all in an effort to scale the supply of SAF.
“Partners of the fund also have the potential to gain preferential access to environmental attributes associated with United’s supply of SAF.”
Chief executive Scott Kirby added: “Solving climate change is doable but it requires hard work and real leadership.
“This fund is unique. It’s not about offsets or things that are just greenwashing. Instead, we’re creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch. That’s the only way we can actually decarbonize aviation.”
The US government has already signalled its support for the development of SAF, with tax credits and other incentives in place.
However, leading aviation firms including Heathrow have criticised the UK government for falling behind other nations in its support, claiming the country could miss out on a multibillion-pound green fuel industry as a result.