Levers for attracting more funding into a SAF production facility3 Attracting capital for SAF refineries is a challenging process that requires engaging with a wide range of stakeholders and exploring a myriad of financial instruments and mechanisms (see Figure 9). Based on a range of regional roundtables and interviews within the Forum’s Airports of Tomorrow community, 10 levers learned from existing success stories have been identified to help accelerate investments in SAF. These options should not be pursued in isolation. SAF producers and investors must work together in combining them to provide the best mix of financing and de-risking levers. When both public and private capital are deployed, this is referred to as blended finance.Blended finance is the strategic use of development finance, philanthropic money and public funds to mobilize private capital flows that would not have otherwise been deployed.8 It is typically used to finance sustainability projects in emerging markets, but increasingly it is deployed in established markets for new technologies such as SAF. The aim is to provide a balanced risk allocation between commercial, industry and public/philanthropic funding. The upcoming Finvest Hub initiative, announced by ICAO alongside its goal for a 5% reduction in the carbon footprint of international aviation by 2030, goes in this direction. It will serve as a matchmaker between new projects and public and private investors. In addition, ICAO will work to establish a climate finance initiative or funding mechanism that could attract public capital.Ten levers can help accelerate investment in SAF – drawn from existing success stories, they comprise public, private and blended finance. Overview of blended finance investment structure FIGURE 8 Funding Application High-risk, low-return SAF projectsPublic and philanthropic funding Low capital High risk High capital Low risk Medium capital Medium riskStrategic investors Institutional investors Intermediary or special purpose vehicle (SPV) Source: Airports of Tomorrow, Organisation for Economic Co-operation and Development (OECD). Financing Sustainable Aviation Fuels 19

Financing Sustainable Aviation Fuels 2025