Several executives consulted for this report stressed the need for aviation to remain affordable, especially in the markets that are growing fastest, and highlighted their concern that the cost of decarbonization could stifle demand. From one angle, this highlights once more the trade-offs between growth, cost and carbon emissions. From another angle, it may explain the active industry debate and diverging positions on SAF prices that unfolded in 2025. In last year’s edition of this report, stakeholders had already identified SAF availability and price as key challenges for 2025. The increase in SAF production capacity discussed in Chapter 2 has not, however, correlated with lower market prices and therefore requires further analysis in this 2026 edition. SAF prices spiked in 2025 The latest SAF prices assessed by Platts, part of S&P Global Energy, show overall increases in the last six months of 2025, but with regional diversity and regular fluctuations (see Figures 6, 7 and 8). In Europe, SAF prices achieved two-year highs, approaching $3,000/metric tonne towards the end of 2025 – a premium of over $2,000/metric tonne over conventional jet fuel.151 This compares to an average price of around €2,250/metric tonne in Europe in 2024.152 In Asia-Pacific, similar price hikes have been seen, although peaks reached lower highs than in Europe. In the US, SAF prices remained lower, as a result of tax incentives, with California proving to be the most competitive region for SAF procurement.4.3 SAF affordability and price SAF vs jet kerosene prices, Europe ($/mt)1FIGURE 6 Notes: The graph shows the price comparison, measured in US dollars per metric tonne ($/mt), between neat SAF – HEFA-SPK (HEFA synthetic paraffinic kerosene) – and conventional jet fuel (kerosene), delivered onto a barge at the port of origin (FOB or free on board) in the FARAG region (Flushing, Amsterdam, Rotterdam, Antwerp, Ghent). “Spread” = difference between prices for neat SAF and jet kerosene, also known as the “green premium”. Source: S&P Global Energy Platts, 2026.Neat SAF (HEF A-SPK) FOB F ARAG barge Jet ker osene FOB F ARAG barge Spread05001,0001,5002,0002,5003,0003,500 Sep 24 Nov 24 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 Jan 26US dollars/metric tonne ($/mt)SAF FOB F ARAG vs Jet ker osene FOB F ARAG barge ($/mt) Global Aviation Sustainability Outlook 2026 37