ICAO partners with banks to promote SAF

On 24-25 October, the Secretary General of the International Civil Aviation Organization (ICAO), Juan Carlos Salazar, met with senior officials from the multilateral development banks in Washington, DC, to explore how sustainable aviation investments can be facilitated through the ICAO’s Finvest Hub in support of decarbonisation projects, particularly sustainable aviation initiatives in developing countries.

During the meeting, participants focussed on the production and supply chain challenges faced by sustainable aviation fuel (SAF), as well as its high cost compared to traditional aviation fuels.

According to ICAO’s LTAG report, about $32 billion is needed to expand SAF production by 2050, highlighting the importance of multi-party collaboration. U.S. Department of Transportation official Anne Petersenk highlighted the global vision of cleaner aviation fuels by 2030 during the roundtable. In addition, Salazar met with senior executives from the U.S. and major financial institutions to promote ICAO’s transformation.