Commercial, Energy Efficiency, GHG Emissions - February 22, 2023
United Launches $100M Sustainable Flight Fund
United launched the United Airlines Ventures Sustainable Flight Fund SM, an investment vehicle designed to support start-ups focused on decarbonizing air travel by accelerating the research, production and technologies associated with sustainable aviation fuel (SAF).
Through the fund, investments totaling $100 million from United and its inaugural partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell will be made in SAF technology and production start-ups identified by United.
"Solving climate change is doable but it requires hard work and real leadership," said United CEO Scott Kirby in a statement. "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 UAV Sustainable Flight Fund is open to investment by corporations across industries. The fund will prioritize 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.
Purchasers of United tickets through its website or app will have the option to contribute to supplement United's investment in the fund. The first 10,000 people who choose to contribute will each receive 500 MileagePlus Miles as a thank-you.
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