United Airlines has announced the launch of the first of its kind fund for sustainable aviation fuel (SAF) called the United Airlines Ventures Sustainable Flight Fund SM.
The new investment vehicle is starting off with over $100 million in investments from United and a number of other partners known to have invested in SAF previously, such as Boeing and Air Canada.
Other inaugural partners include names like Honeywell, which started producing SAF from ethanol last year, and JPMorgan Chase.
The goal of the new fund is to support the research and technologies that will help boost and scale the production of sustainable aviation fuel.
In the past two years, United already demonstrated a keen interest in supporting the production of SAF by investing in startups, such as NEXT Renewable Fuels, Cemvita and Dimensional Energy.
Now through the investment fund and the above partnerships, United hopes to double down on these efforts and identify more companies that will accelerate the adoption of SAF across the aviation industry.
Regular customers can help, too, as the United app and website now also offer the option to contribute to the fund when purchasing tickets and the first 10,000 people to contribute will receive 500 MileagePlus Miles in sign of gratitude.
United CEO Scott Kirby described the new investment vehicle as unique and a means to bring about meaningful climate impact, as opposed to ‘offsets and things that are just greenwashing.’