by Donald Wood
Last updated: 11:37 AM ET, Tue February 21, 2023
United Airlines announced the launch of the United Airlines Ventures Sustainable Flight Fund.
The first-of-its-kind investment vehicle was designed to support start-ups focused on decarbonizing air travel by accelerating the research, production and technologies associated with sustainable aviation fuel (SAF).
The fund starts with more than $100 million in investments from United and its inaugural partners; Air Canada, Boeing, GE Aerospace, JPMorgan Chase and Honeywell. Participants will invest in SAF technology and production start-ups identified by the carrier.
"Solving climate change is doable but it requires hard work and real leadership," United CEO Scott Kirby said. "This fund is unique. It's not about offsets or things that are just greenwashing.
"Instead, we're creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch," Kirby continued. "That's the only way we can actually decarbonize aviation."
United Airlines Ventures has invested in start-ups over the last two years, including Cemvita, Dimensional Energy and NEXT Renewable Fuels.
To help travelers invest in the fund, the airline is allowing all passengers who buy a ticket on the United website or app to contribute, a first among U.S. airlines. The first 10,000 people who choose to donate will each receive 500 MileagePlus Miles as a thank-you.
The UAV Sustainable Flight Fund is open to investment by corporations across industries, which will gain preferential access to environmental attributes associated with the carrier's supply of SAF.
To date, United has invested in the future production of over three billion gallons of SAF, the most of any airline worldwide.
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