The first three levers in attracting finance presented below are related to public funding. Levers four to six are directed more towards the wider industry ecosystem that can help bridge between public and institutional investors. Levers 7-10 are directed towards attracting higher- capital, lower-risk types of investment. Apply for research/innovation grants to develop first-of-a-kind facilitiesLever 1 Funding Source Public funding Industry funding Institutional funding Pathways (relevance of guideline by pathway, low = nice to have vs. high = must have) HEFA Alcohol-to-Jet G-FT Power-to-Liquid Low High High High Lifecycle (relevance of guideline by pathway, low = rarely applicable vs. high = very common) Pre-feasibility Feasibility + FEED FID Construction Commissioning High High High Low Low Governments and, sometimes, philanthropies can provide critical funding for early-stage, high-risk SAF technologies. This type of investment is critical as the risk profile is too high for most other investors such as institutional investors, industry players and commercial banks. Their support is most often in the form of research or innovation grants. Governments are interested as they can invest in initiatives that are directly linked to public policy goals and political manifestos, such as reducing carbon emissions, enhancing national energy security and stimulating broader economic growth through the creation of local jobs.For the recipient, grants work well as they are non- repayable and are usually available for a broad range of activities. This gives SAF producers freedom in how they use the funds to achieve project objectives. While grants are non-repayable, they come with accountability measures such as reporting and performance evaluations to allow governments to track the impact of their investments. Government grants are likely to be provided to aspiring SAF producers who have not yet secured large equity investments. Amounts range from a few hundred thousand dollars to multi-million dollar grants. Grants work well as they are non- repayable and give SAF producers freedom in how they use the funds to achieve project objectives. 20 20 Financing Sustainable Aviation Fuels

Financing Sustainable Aviation Fuels 2025