ICAO IRENA To Accelerate Financing For Sustainable Aviation Fuels

(MENAFN- Caribbean News Global) MONTREAL, Canada – The landmark launch of the Finvest@ETAF portal by ICAO and IRENA , marks a significant advancement in aviation's journey toward net zero carbon emissions. 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 will cooperate with several financing platforms to operationalise the Finvest Hub, with IRENA being the first.

“This launch marks a significant milestone in aviation's net-zero carbon emission journey with the establishment of our Finvest hub,” said ICAO secretary-general Juan Carlos Salazar.“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.”

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, emphasised that“Innovation is providing the foundation for continued progress and sustainable development for future generations.”

Project developers worldwide are invited to submit proposals to the portal, ensuring 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.

The event featured dynamic panels and hands-on demonstrations covering advanced air mobility, digitalisation, automation, and sustainable fuels.

The Fair also highlighted the essential role of youth and diversity in driving aviation's transformation, with the ICAO Innovation Competition showcasing bold, youth-led solutions.

Looking forward, the discussions at Fair will inform states' deliberations on binding resolutions on innovation and sustainability at the ICAO Assembly, which opens tomorrow at the organisation's headquarters in Montréal.

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