Demand: mandates and targets As public announcements from airlines are not necessarily binding, it is also important to look at mandates and targets introduced by countries to understand SAF demand in 2030. The EU, United Kingdom, Brazil and Korea announced mandates which will be ramped up towards 2030. These mandates represent a total estimated demand of 5.3 Mt/a. In addition, several other countries have declared SAF targets by 2030. Examples include the US,3 Canada, Singapore, Japan, India, Indonesia and the United Arab Emirates (UAE). Based on these targets, an additional demand of 11.8 Mt/a is expected. As a result, total mandated and targeted demand is expected to reach 17.1 Mt/a in 2030 (~5% of 2030 jet fuel demand). Supply By the end of 2024, installed SAF capacity globally is likely to have reached 4.4 Mt/a.5 The total annual SAF capacity at these facilities is anticipated to expand by another 1.3 Mt towards 2030. In addition, 5.6 Mt/a of new SAF-specific capacity could come online by 2030, based on projects that have already passed final investment decision (FID). When factoring the total mandated and targeted demand by 2030 (estimated above at 17.1 Mt), another 5.8 Mt/a of SAF production capacity would therefore need to be installed globally to match demand (see Figure 3). Non-comprehensive overview of SAF mandates and targets, by country FIGURE 2 Mandate TargetSAF Grand Challenge goal of 9 Mt (3 bn gallons) by 203010% by 2030 1% by 20270.5% since 2020 1% by 2026, 3-5% by 20302% in 2025, 10% in 2030 1% by 203110% by 2030 1% by 2027, 2.5% by 20302% in 2025, 6% by 2030 (1.2% synthetic fuels) 1% by 2027, 5% by 2030 1% by 2027BrazilCanada IndiaUK JapanUSA1% by 2027South KoreaNorway IndonesiaEuropean Union UAE Singapore Note: Data accurate as of October 2024 . Sources: Various.4 Total demand for SAF mandated and targeted by governments is expected to reach 17.1 million tonnes per year by 2030 – roughly 5% of jet fuel demand. 8 Financing Sustainable Aviation Fuels

Financing Sustainable Aviation Fuels 2025