oneworld Alliance and Breakthrough Energy Ventures Unite for Sustainable Aviation Fuel Investment
In a landmark partnership, the oneworld alliance has joined forces with Breakthrough Energy Ventures (BEV) to unveil a substantial new investment fund, which aims to push the boundaries of sustainable aviation fuel (SAF) technology. Launching with an impressive initial close of $150 million, this initiative is spearheaded by prominent airlines including Alaska Airlines and American Airlines, with additional backing from industry giants like IAG, Cathay Pacific, Japan Airlines, and Singapore Airlines. The primary goal of this fund is to tackle the current challenges posed by sustainable aviation fuels, specifically their limited availability and high costs, while accelerating the global adoption of cost-effective and scalable fuel solutions.
The oneworld BEV Fund is strategically designed to identify and invest in innovative technologies that enable the creation of the next generation of sustainable aviation fuels. This initiative does not only strive to combat climate change through reduced emissions but also seeks to stimulate economic growth, create jobs, and foster technological innovation in the aviation sector. In light of the fact that aviation currently contributes to approximately 2-3% of global CO2 emissions, the introduction of SAF has become crucial in addressing the environmental impact of air travel.
"By investing in the SAF technologies of the future, we are making a business decision that aims to hasten the development of novel technologies that can be deployed on a larger scale and at lower costs than are achievable today," stated Robert Isom, CEO of American Airlines and board chair of oneworld. Isom emphasized the importance of these advancements in maintaining competitive business practices while fulfilling customer expectations and ensuring the economic viability of the aviation sector for future generations.
Ben Minicucci, CEO of the Alaska Air Group, echoed this sentiment, highlighting the essential role of investment in sustainable aviation fuel technology for a long-term energy transition within the industry. The collaboration with Breakthrough Energy Ventures brings significant expertise in technology and commercialization, crucial for identifying the most effective investment opportunities that will ultimately cultivate a stronger market for next-generation aviation fuels.
The BEV, founded by Bill Gates, will manage the fund and utilize its extensive network and experience in supporting early-stage climate tech companies to drive the development of fuel technologies capable of achieving meaningful emissions reductions and sustaining economic growth.
Among the supporting airlines, Luis Gallego, Chair of IAG, pointed out that "sustainable aviation fuel is the most viable path for the industry to reach net-zero. Our collaboration across the oneworld alliance amplifies our commitment to sustainability and innovation, bringing together major players in aviation to accelerate progress in this vital sector."
It’s not only the airlines that recognize the potential of SAF; technology and environmental leaders also see it as a significant driver of growth and innovation. Eric Toone, CTO at Breakthrough Energy, emphasized SAF as a critical component in addressing the sector's environmental impact while offering substantial economic opportunities. He's optimistic about the fund's ability to uncover and help scale breakthrough technologies that can rival traditional fossil fuels while integrating seamlessly into existing aviation infrastructure.
As demand for air travel continues to grow in the coming decades, the development of scalable and cost-effective sustainable aviation fuels represents a key solution to mitigate the environmental impacts of the aviation industry. Currently, sustainable aviation fuels can reduce lifecycle emissions by up to 80% compared to conventional jet fuel, representing a significant step forward. Yet the initial generation of SAF currently produced faces challenges regarding production costs and lifecycle emissions that the new fund aims to address.
Moreover, companies like Cathay Pacific and Japan Airlines are also committed to advancing SAF access and developing a competitive environment for these next-generation fuels that can meet global needs, creating a resilient SAF ecosystem. This collective endeavor indicates a robust commitment across regions and the industry to foster sustainable practices and innovative solutions that will pave the way for a greener future in aviation.
The oneworld BEV Fund exemplifies how strategic partnerships can catalyze significant advancements toward sustainable aviation, emphasizing the need for systemic changes and collaborative efforts in achieving environmental goals. With the support of major global players, this fund is positioned to make a profound impact not just on the aviation industry but on creating a sustainable future for all involved.
The oneworld BEV Fund is strategically designed to identify and invest in innovative technologies that enable the creation of the next generation of sustainable aviation fuels. This initiative does not only strive to combat climate change through reduced emissions but also seeks to stimulate economic growth, create jobs, and foster technological innovation in the aviation sector. In light of the fact that aviation currently contributes to approximately 2-3% of global CO2 emissions, the introduction of SAF has become crucial in addressing the environmental impact of air travel.
"By investing in the SAF technologies of the future, we are making a business decision that aims to hasten the development of novel technologies that can be deployed on a larger scale and at lower costs than are achievable today," stated Robert Isom, CEO of American Airlines and board chair of oneworld. Isom emphasized the importance of these advancements in maintaining competitive business practices while fulfilling customer expectations and ensuring the economic viability of the aviation sector for future generations.
Ben Minicucci, CEO of the Alaska Air Group, echoed this sentiment, highlighting the essential role of investment in sustainable aviation fuel technology for a long-term energy transition within the industry. The collaboration with Breakthrough Energy Ventures brings significant expertise in technology and commercialization, crucial for identifying the most effective investment opportunities that will ultimately cultivate a stronger market for next-generation aviation fuels.
The BEV, founded by Bill Gates, will manage the fund and utilize its extensive network and experience in supporting early-stage climate tech companies to drive the development of fuel technologies capable of achieving meaningful emissions reductions and sustaining economic growth.
Among the supporting airlines, Luis Gallego, Chair of IAG, pointed out that "sustainable aviation fuel is the most viable path for the industry to reach net-zero. Our collaboration across the oneworld alliance amplifies our commitment to sustainability and innovation, bringing together major players in aviation to accelerate progress in this vital sector."
It’s not only the airlines that recognize the potential of SAF; technology and environmental leaders also see it as a significant driver of growth and innovation. Eric Toone, CTO at Breakthrough Energy, emphasized SAF as a critical component in addressing the sector's environmental impact while offering substantial economic opportunities. He's optimistic about the fund's ability to uncover and help scale breakthrough technologies that can rival traditional fossil fuels while integrating seamlessly into existing aviation infrastructure.
As demand for air travel continues to grow in the coming decades, the development of scalable and cost-effective sustainable aviation fuels represents a key solution to mitigate the environmental impacts of the aviation industry. Currently, sustainable aviation fuels can reduce lifecycle emissions by up to 80% compared to conventional jet fuel, representing a significant step forward. Yet the initial generation of SAF currently produced faces challenges regarding production costs and lifecycle emissions that the new fund aims to address.
Moreover, companies like Cathay Pacific and Japan Airlines are also committed to advancing SAF access and developing a competitive environment for these next-generation fuels that can meet global needs, creating a resilient SAF ecosystem. This collective endeavor indicates a robust commitment across regions and the industry to foster sustainable practices and innovative solutions that will pave the way for a greener future in aviation.
The oneworld BEV Fund exemplifies how strategic partnerships can catalyze significant advancements toward sustainable aviation, emphasizing the need for systemic changes and collaborative efforts in achieving environmental goals. With the support of major global players, this fund is positioned to make a profound impact not just on the aviation industry but on creating a sustainable future for all involved.
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