What? Led by the Rocky Mountain Institute (RMI), the Environmental Defense Fund (EDF) and Neoteric Energy and Climate (now part of the Center for Green Market Activation), the Sustainable Aviation Buyers Alliance (SABA) is driving increased investment in adoption of SAF, helping businesses reduce their air travel-related carbon emissions. How? SABA collaborated with aviation customers, airlines and fuel producers to create a robust and transparent system for businesses to purchase SAF certificates through SkyNRG, or to purchase fuel directly from SAF producers such as World Energy through a first-of-a-kind joint procurement process. World Energy, one of the leading fuel producers, sells a bundled Scope1/3 product. If a scope 3 customer buys the SAFc, the customer has the flexibility to allocate the scope 1 to its airline partners, as it chooses. If an airline buys the bundled product, they typically sell the scope 3 to their corporate partners looking to reduce their business travel emissions and the emissions from the movement of freight or goods. Scope 1 and scope 3 claims are associated with the same batch of SAF, and their retirement must be closely coordinated to ensure that the scope 1 claim is retired prior to or in parallel with the scope 3 claim, consistent with current RSB Book-and-Claim Manual rules. Impact: In April 2024, SABA announced the largest ever collection of deals to purchase SAF certificates. In total, close to $200 million of investment has been raised across a wide range of players, including AstraZeneca, Autodesk, Bain & Company, BCG, Deloitte, JPMorgan Chase, Live Nation, McKinsey & Company, Meta, Morgan Stanley, Netflix, Novo Nordisk, Samsung Biologics, Watershed and Workday, alongside SABA founding organization RMI. These commitments are equivalent to approximately 50 million gallons of high integrity SAF, or roughly 3,000 fully loaded passenger flights from New York City to London.17 CASE STUDY 7 SAF certificates through Sustainable Aviation Fuels Buyers Alliance (SABA) What? Microsoft and OMV signed an agreement to help Microsoft reduce its scope 3 indirect emissions caused by business air travel and supply chain logistics. How? Microsoft and OMV collaborated to define a specific volume of scope 3 aviation-related greenhouse gas emissions that Microsoft would like to reduce through SAFc. OMV translated this into physical SAF production volume required to meet Microsoft’s ambition. This volume was produced through the simultaneous processing of bio-feedstock alongside crude oil in OMV’s refinery in Schwechat, Austria. This co-processing model used sustainable and regionally sourced raw materials (e.g. used cooking oil) to produce up to 5% SAF alongside the refinery’s fossil-based kerosene output, which is physically delivered into Vienna Airport’s fuel storage. The environmental attributes (i.e. GHG emissions reduction values) connected to this specific production volume formed the basis for the registration of SAFc. These SAF credits were reliably transferred via the ISCC Credit Transfer System to ensure full traceability and credibility. Microsoft then retired the SAFc and will use it for reporting lowered emissions in its sustainability report.Impact: This corporate offtake sent a strong early demand signal from the voluntary market for SAF production in Europe. For Microsoft, it was crucial to explore and demonstrate maximum additionality following ISCC certification, thereby supporting committed European fuel suppliers such as OMV on their transition journey, going beyond any mandates. This agreement reinforced OMV’s SAF growth ambitions, including the recent FID for its large-scale SAF/HVO plant in Petrobrazi, Romania. Additionally, the agreement enables Microsoft to drive SAF adoption beyond the US, aligning with its global business and emissions footprint. While thinking globally, Microsoft valued the local sourcing of feedstock for the SAF in this agreement. Finally, the close collaboration between Microsoft and OMV with digital registry providers (e.g. ISCC) supported the advancement of global industry standards, allowing corporate buyers to directly benefit from the scope 3 emissions reduction opportunities offered by SAFc.CASE STUDY 8 Microsoft and OMV decarbonizing business travel & logistics (corporate & fuel supplier collaboration on SAF certificates) Financing Sustainable Aviation Fuels 31

Financing Sustainable Aviation Fuels 2025