The International Civil Aviation Organisation (ICAO) and the International Renewable Energy Agency (IRENA) have signed a landmark agreement to increase access to finance for Sustainable Aviation Fuel (SAF) and other cleaner aviation energy projects, a key step towards achieving the aviation industry’s goal of achieving net-zero carbon emissions by 2050.
The agreement will explore avenues to implement the ICAO Financial Investment Centre (FIC), facilitating the identification of financial resources for the expansion of sustainable aviation fuels (SAF), low-carbon aviation fuels (LCAF) and other cleaner energy solutions.
The ICAO LTAG report estimates that cleaner aviation fuel production alone will require an investment of approximately US$3.2 trillion.
ICAO will continue its advocacy and outreach efforts and organise dialogue with States and stakeholders to address financing needs, support project implementation and identify opportunities to increase access to public and private capital for aviation decarbonisation projects.