United Airlines this week launched a new investment vehicle for companies in the airline industry interested in reducing their greenhouse gas emissions. This is the “Sustainable Flight Fund”, which will seek to accelerate the production and use of sustainable aviation fuel (SAF).
According to a company press release, the fund will begin with an investment of more than a hundred million dollars. It will include corporate partners such as Air Canada, Boeing, GE Aerospace, Honeywell and JPMorgan Chase. From the initiative, these and other potential partners will invest alongside United in new technology and sustainable fuel production ventures.
The new instrument is part of United Airlines Ventures (UAV), a tool designed to support emerging companies in their investments in aviation technology and sustainability solutions. To date, the airline has invested in the future production of more than three billion gallons of sustainable aviation fuel.
“This fund is unique,” said Scott Kirby, CEO of United Airlines. “We are creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch”, he added. “That is the only way we can actually decarbonize aviation”, he said.
Greater role for customers
Customers who buy a ticket on United’s official website or mobile app can now choose to contribute to the fund by paying an additional 1, 3.50 or 7 dollars. The first 10.000 people who choose this option will receive 500 MileagePlus frequent flyer programme points, the airline said.
In addition, a tool was introduced this week that allows an estimate of the carbon footprint of each flight to be displayed in the search process. With a green shading, the airline now provides information on the options with the lowest environmental impact.
Estimates are made based on aircraft type, travel time, seating capacity and estimated weight on a given flight.
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