In a groundbreaking partnership, the International Civil Aviation Organization (ICAO) and the International Renewable Energy Agency (IRENA) have unveiled a new global initiative to accelerate financing for Sustainable Aviation Fuels (SAF).
Launched under the banner Finvest@ETAF, the platform connects project developers with financiers to push forward clean aviation energy solutions. It is hosted on IRENA’s Energy Transition Accelerator Financing (ETAF) platform and integrated with ICAO’s newly created Finvest Hub.
Through joint screening and technical support, ICAO and IRENA aim to de-risk projects and unlock the billions of dollars required to scale SAF production. According to ICAO’s estimates, the aviation sector will need over $3 trillion in investment to meet its long-term decarbonization goals.
SAFs are projected to contribute up to 65% of emissions cuts by 2050, making this collaboration a key driver of aviation’s green transition. Importantly, the scheme is expected to open financing opportunities for developing nations, ensuring a more inclusive and global shift towards cleaner skies.
Shopeju Olateju
NaijaTravels News