Attract strategic industry investors to build an ecosystem for future scaleLever 4 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 Medium High High Medium Lifecycle (relevance of guideline by pathway, low = rarely applicable vs. high = very common) Pre-feasibility Feasibility + FEED FID Construction Commissioning Low Medium High Medium Low Strategic industry investors, such as airlines and OEMs, are investors that have other motivations beyond pure financial returns. Many of them likely see SAF as a “licence for aviation to operate”. SAF is essential for these industry investors to maintain their operational legitimacy and meet regulatory and stakeholder expectations regarding sustainability. These investors want to accelerate the commercialization of projects with significant scaling- up potential while balancing the overall risk-profile. As a result, it is likely that AtJ and G-FT are the most likely investments, although PtL is becoming increasingly attractive as the technology matures, as shown by recent investments. Strategic industry investors include the following: 1. Airlines: Airlines see SAF as (one of) the most important decarbonization levers. While often criticized for “not doing enough”, several airlines have put more skin in the game by investing directly in SAF producers and carrying some of the risks. Through these investments, on top of carbon savings, airlines hope to gain preferential access to SAF produced in the future to meet voluntary and government commitments, and potentially lock-in attractive market prices.2. OEMs: Aircraft are currently certified to fly with up to 50% SAF blend. Ensuring there is sufficient and affordable access to SAF will facilitate orders for conventional aircraft and align with developing green aviation taxonomies, while zero-carbon emission propulsion is developed.13 3. Airports: Airports see growing pressure from airlines to ensure physical supply of SAF. As a result, they may invest in SAF infrastructure and potentially even projects, to attract airlines committed to sustainability and provide an incentive in an increasingly eco- conscious industry. 4. Energy and oil companies: SAF offers a solution to move away from fossil fuels, especially when blending limits will be lifted. By being early movers in SAF, energy companies and fuel suppliers can protect their market share in aviation fuel as demand for green alternatives grow, while reducing the impact of their operations. 5. Feedstock suppliers: SAF can unlock new revenue streams and strong demand signals for feedstock products. These companies could opt for vertical integration, ensuring that their agricultural or waste products are used in SAF production. Strategic industry investors, such as airlines and OEMs, have other motivations beyond pure financial returns – many of them likely see SAF as a ‘licence for aviation to operate’. Financing Sustainable Aviation Fuels 25 25 Financing Sustainable Aviation Fuels

Financing Sustainable Aviation Fuels 2025