United Airlines [UAL:US] has successfully raised nearly USD200m for its United Airlines Ventures Sustainable Flight Fund, which focuses on investments in sustainable aviation fuel (SAF), as reported by ESG Today on July 25. Launched in February this year with an initial investment of over USD 100 million from United Airlines, the fund includes contributions from Air Canada [AC:CN], Boeing [BA:US], General Electric [GE:US], JPMorgan Chase [JPM:US], and Honeywell [HON:US]. In addition, United Airline has announced the participant of eight new corporate partners in the fund, aiming to collaborate on innovative and sustainable solutions for the travel industry.

The Sustainable Flight Fund will concentrate on investing in new technology, advanced fuel sources, and established producers to enhance the supply of SAF and reduce its production costs. SAF has the potential to generate 80% less lifecycle carbon emissions compared to conventional fuel, making it a critical tool for global airlines in their efforts to mitigate their environmental impact. United Airlines has committed to achieving a 100% reduction in its greenhouse gas emissions by 2050 without relying on carbon offsets, and SAF plays a crucial role in realizing this ambitious goal. As of February 2023, the company had purchased over 10.5 billion liters of SAF, solidifying its position as the largest buyer of sustainable aviation fuel among global airlines. To garner public support for its green initiative, United Airlines has also allowed customers to contribute to the fund in exchange for flyer miles.

Sources:

https://www.esgtoday.com/united-raises-200-million-for-sustainable-aviation-venture-fund/

https://www.esgtoday.com/united-airlines-sets-target-to-eliminate-ghg-emissions-by-2050-without-relying-on-offsets/

https://www.reuters.com/business/sustainable-business/united-airlines-launches-100-mln-sustainable-fuel-investment-fund-2023-02-21/

https://www.cnbc.com/2023/02/21/united-airlines-sustainable-aviation-fuel.html

https://www.statista.com/statistics/1365112/announced-offtake-volumes-saf-by-purchaser/