Financing Sustainable Aviation Fuels 2025

Claudia Galea Global Sustainability Director, Kearney Foreword This white paper is part of the World Economic Forum’s Airports of Tomorrow initiative, launched in 2023 to focus on the energy, infrastructure and financing requirements of the aviation industry as it transitions to net-zero carbon emissions by 2050. The initiative is a collaboration with Airports Council International (ACI) World. To help aviation get to net zero and reduce its impact on climate change, an increasing number of sustainable aviation fuel (SAF) production facilities are developing worldwide, but many projects still face investment challenges. A key areas of focus for us in 2024 was on how these facilities can progress to the construction phase and full scale-up. We have undertaken a series of regional roundtables and expert interviews with business leaders in the aviation, energy and finance industries, as well as policy-makers, to obtain insights on the latest risks that project developers face across the project lifecycle for a number of SAF production pathways, adding to our and the industry’s previous work in this space. We have looked at the capital requirements needed to bring these facilities to life and, most importantly, potential ways to unlock this funding. This report collates best practice guidance on how to approach SAF investment and reduce risks, focusing on common challenges in securing financing and early success stories. Delivered in partnership with Kearney, this report brings together views and insights from our extensive Airports of Tomorrow community. We thank our partners and industry sponsors for their support.Giorgio Parolini Lead, Aviation Decarbonization, World Economic Forum Financing Sustainable Aviation Fuels: Case Studies and Implications for Investment February 2025 Financing Sustainable Aviation Fuels 3