Conclusion The capital landscape for SAF investment is complex. The case studies presented in this report highlight a variety of solutions to address financing challenges across different project stages. Pre-feasibilityFeasibility + FEEDFID Construction Commissioning Applicability Low Medium High 1. Apply for research/innovation grants to develop first-of-a-kind facilities 2. Leverage local expertise of multilateral development banks to navigate developing markets 3. Secure guarantees or insurance instruments to enhance credit profile 4. Attract strategic industry investors to build an ecosystem for future scale 5. Secure long-term offtake agreements to pass FID 6. Engage in book-and-claim to facilitate investments 7. Attract private equity capital to achieve rapid expansion 8. Attract infrastructure investors to access cheaper capital 9. Structure investment through a tolling model to attract more debt 10. Issue green bonds to attract impact investorsOverview of applicability of levers across the project financing lifecycle TABLE 3SAF represents a crucial pillar in the decarbonization journey of the aviation industry, offering one of the most viable options to achieve the global vision for 2030 agreed by ICAO. To meet the expected demand for SAF by the end of this decade, projects requiring between $19 billion and $45 billion of funding need to pass FID over the next few years. As this report outlines, numerous hurdles still impede the potential for SAF to scale-up. Addressing these barriers requires a multifaceted strategy that combines technological innovation, policy frameworks and innovative financial structures to increase bankability and investment appeal for SAF projects across their lifecycle.The capital landscape for SAF investment is complex, with significant financial requirements across different project stages, from conceptualization and pre-feasibility to construction and commissioning. Traditional financing sources, such as commercial banks, often see these projects as high risk due to their novelty, extended timelines and reliance on emerging technologies. For SAF to reach scalable production, a shift in financing mechanisms is necessary, leveraging both private and public capital in innovative ways to mitigate these perceived risks and catalyse substantial capital flow into the sector. Financing Sustainable Aviation Fuels 38

Financing Sustainable Aviation Fuels 2025