ICAO, IRENA join forces to accelerate SAF production
In a significant step towards decarbonising the aviation industry, the International Civil Aviation Organization (ICAO) and the International Renewable Energy Agency (IRENA) have formed a strategic partnership to boost investment in sustainable aviation fuels (SAF).
The memorandum of cooperation signed by the two organisations aims to expedite the development and deployment of SAF by bridging the gap between project developers and potential financiers.
By facilitating the identification and allocation of financial resources, the partnership is expected to accelerate the transition to a more sustainable aviation sector.
According to ICAO estimates, approximately $3.2tr in investments will be required for cleaner aviation fuel production alone to achieve the industry’s net-zero emissions goal by 2050. The new partnership will leverage IRENA’s expertise in renewable energy financing and ICAO’s knowledge of the aviation sector to accelerate this process.
“This relationship with IRENA enhances our capacity to drive investment and support project implementation, bringing us closer to our environmental goals,” said Juan Carlos Salazar, ICAO secretary general. “At the same time, we continue to work on advancing all aspects of the net zero framework.”
Francesco La Camera, IRENA director-general, added: “We are delighted to partner with ICAO to mobilize investment in renewable energy and decarbonization projects in the aviation industry. Through the IRENA Energy Transition Accelerator Financing (ETAF) Platform, we find climate finance solution dedicated to advancing the global energy transition by facilitating investment. The global energy transition needs all hands on deck and this cooperation is a clear expression of it.”
The collaboration between ICAO and IRENA is expected to have a significant impact on the development of SAF. By providing a platform for project developers to connect with potential financiers, the partnership will help to address the financing challenges that have hindered the growth of the SAF industry.