The International Civil Aviation Organization (ICAO) says it is partnering with International Renewable Energy Agency (IRENA) to drive financing for sustainable aviation fuels (SAF). As a first step in the partnership, ICAO and IRENA have launched “the Finvest@ETAF portal, in what ICAO describes as “a significant advancement in aviation’s journey toward net zero carbon emissions.” According to ICAO, “The portal will support ICAO’s Finvest Hub, which is addressing the most critical pathway for the decarbonization of air transport by facilitating investment in Sustainable Aviation Fuels (SAF) and low-carbon aviation projects.”
ICAO Secretary General Juan Carlos Salazar said: “Our agreement with IRENA focuses on a partnership arrangement to facilitate financial resources through the ICAO Finvest@ETAF portal, for scaling up SAF and other cleaner energy solutions.” ICAO will cooperate with several financing platforms to operationalize the Finvest Hub, with IRENA being the first.
He added that “It is a first-of-its-kind gateway between project developers and financiers” and that “this matchmaking function, using ICAO’s sustainability criteria, helps de-risk investments while ensuring environmental integrity.”
The portal’s launch was a centerpiece of the ICAO Innovation Fair, where Salvatore Sciacchitano, President of the ICAO Council, emphasized that “Innovation is providing the foundation for continued progress and sustainable development for future generations.”
With the launch of the Portal, ICAO is inviting project developers worldwide to submit proposals to the portal to ensure “a strong pipeline of initiatives” from every region. “The success of Finvest@ETAF will depend on a strong pipeline of projects from every region. Working together through Finvest@ETAF, we can achieve our vision of offering green and vibrant air transport to all,” added Salazar.
The Innovation Fair provided a global platform to develop policy ideas and foster partnerships that will underpin progress towards ICAO’s Long-Term Strategic Plan, which envisions zero fatalities and net zero carbon emission air transport for everyone, everywhere by mid-century.