European airlines are intensifying efforts to address the aviation sector’s carbon footprint by investing in sustainable aviation fuel (SAF), as reported by Reuters on November 28. Aligned with the European Union’s emissions reduction goals, the adoption of alternative fuels, particularly those derived from bio-based materials, is anticipated to yield an 80% reduction in carbon emissions compared to conventional jet fuel. Despite SAF currently constituting less than 0.1% of global aviation fuel usage and being three times more expensive when produced from waste oils, these investments are deemed crucial in the industry’s pursuit of achieving net-zero emissions by 2050. Virgin Atlantic [2588Z:LN] is poised to underscore the significance of SAF by conducting a landmark 100% SAF-powered flight from London to New York City, signaling a collective commitment among European carriers to transition towards cleaner energy sources.

Several major European airlines have entered substantial agreements to secure a stable SAF supply. Air France-KLM [AF:FP], for instance, invested USD4.7m in a Louisiana SAF production plant and signed agreements with OMV to procure over 300,000 metric tons of SAF by 2030. Other carriers, including EasyJet [EZJ:LN], Finnair, IAG [IAG:LN], Icelandair [ICEAIR:LN], Jet2 [JET2:LN], Lufthansa [LHA:GR], Norwegian Air [NAS:NO], Ryanair [RYA:ID], Wizz Air [WIZZ:LN], and Virgin Atlantic, have also made significant strides in boosting adoption, reflecting a concerted industry-wide commitment to sustainable practices in aviation. These initiatives not only aim to meet regulatory targets but also position European airlines as leaders in environmentally conscious aviation practices on a global scale.

Sources:

https://www.reuters.com/business/aerospace-defense/european-airlines-secure-supplies-low-carbon-jet-fuel-2023-11-28/