Images: Getty Images Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders. © 2025 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Contents Foreword 3 Executive summary 4 1 Capital requirements to meet 2030 demand 6 1.1 Capacity requirements to meet 2030 demand for SAF 6 1.2 Cost requirements by pathway 10 1.3 Investment needs to meet 2030 demand 13 2 The project lifecycle and funding needs of a SAF refinery 14 2.1 Overview of the SAF project lifecycle 14 2.2 Fundraising challenges across the project lifecycle 16 3 Levers for attracting more funding into a SAF production facility 19 Lever 1 Apply for research/innovation grants to develop 20 first-of-a-kind facilities Lever 2 Leverage local expertise of multilateral development 21 banks to navigate developing markets Lever 3 Secure guarantees or insurance instruments 23 to enhance credit profile Lever 4 Attract strategic industry investors to build 25 an ecosystem for future scale Lever 5 Secure long-term offtake agreements to pass FID 26 Lever 6 Engage in book-and-claim to facilitate investments 29 Lever 7 Attract private equity capital to achieve rapid expansion 32 Lever 8 Attract infrastructure investors to access cheaper capital 33 Lever 9 Structure investment through a toller model 35 to attract more debt Lever 10 Issue green bonds to attract impact investors 36 Conclusion 38 Contributors 40 Endnotes 42 Financing Sustainable Aviation Fuels 2

Financing Sustainable Aviation Fuels 2025