Within the aviation sector, there are also multiple technologies looking to secure funding, including Bankability and attractiveness for investors One of the key concerns voiced by respondents to the Forum’s survey was that the aviation sector is not viewed by the financial community as an investment priority, despite needing at least $20 billion of capital investment to meet ICAO’s 2030 vision and over $5 trillion to get to net zero. While capital for decarbonization projects is increasing overall, aviation is having to compete with many other transition technologies for investment. The Forum’s Net-Zero Industry Tracker 2024 highlights how annual investment in decarbonizing aviation is ahead of shipping, but behind the CapEx secured by the trucking, steel, cement and chemicals sectors (see Figure 12).79 3.2 Economic risks Existing annual CapEx vs. additional annual CapEx required by 2050, by sector and ecosystem ($ billion) FIGURE 12 Steel Cement AluminiumAviation Primary chemicalsTruckingShipping Oil and gas Existing annual CapEx Average additional annual CapEx required by ecosystem by 2050 Average additional annual CapEx required by sector by 2050968 170 179 44 20 71 91 286 213 107 320 111 39 90 129 147 35 16 23 51520 86 118 114 506 24 17 4123251 Source: Accenture analysis, based on MPP , S&P , DNV, Center for Global Commons and IEA data. Previously published in the World Economic Forum’s Net-Zero Industry Tracker: 2024 Edition. Within the aviation sector, there are also multiple technologies looking to secure funding, including SAF, hydrogen and, increasingly, eVTOLs (electric vertical take-off and landing aircraft). While potentially attracting a different pool of investors and risk appetite, eVTOL companies gained significant momentum in 2024, with $2.3 billion raised in 2024 and over $13 billion raised since 2019,80 as well as a number of orders from airlines. The latest eVTOL transactions include: $894 million of investment in Joby Aviation from Toyota Motor Corporation in 2024;81 a $430 million investment in Archer Aviation from a group of investors including United Airlines and Stellantis;82 a $50 million boost to Vertical Aerospace;83 and a $114 million investment in Lilium in early 2024. However, Lilium did not secure a loan guarantee from the German government in November 2024 and declared insolvency, but eventually received a capital investment of $200 million in December 2024 to resume work.84 The aviation sector is not viewed by the financial community as an investment priority, despite needing at least $20 billion of capital investment to meet ICAO’s 2030 vision and over $5 trillion to get to net zero. Global Aviation Sustainability Outlook 2025 30