GlobalAviationSustainabilityOutlook2025

WHITEPAPER

MARCH2025

Images:GettyImages

Contents

Foreword3

Executivesummary5

1Cautiousoptimism7

2Sustainabilityrisks10

2.1Technologychallenges11

2.2Policyandgeopoliticalchallenges19

2.3Sustainabilitychallenges25

3Non-sustainabilityrisksandtrends26

3.1Policyandgeopoliticalrisks27

3.2Economicrisks28

3.3Socialissues31

3.4Technologyrisks32Conclusion34

Appendix:Methodology35

Contributors36

Acknowledgements36

Endnotes37

Disclaimer

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Thefindings,interpretationsand

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?2025WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformation

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GlobalAviationSustainabilityOutlook20252

GlobalAviationSustainabilityOutlook20253

March2025

GlobalAviationSustainabilityOutlook2025

Foreword

GimHuayNeo

ManagingDirector

andHead,Centrefor

NatureandClimate,

WorldEconomicForum

Thisyearmarksanimportantmomentforthe

aviationsector’sjourneytonetzero.Updated

nationalactionplansonhowcountriesintendtodecarbonizeaviationneedtobesubmittedtotheInternationalCivilAviationOrganization(ICAO)bythenextgeneralassemblyinSeptember.

Aspartofthosedecarbonizationplans,thefirst

fewsustainableaviationfuel(SAF)mandates

inEuropecameintoforceinJanuary–with

increasinglytoughtargetsupto2030.Overthe

comingmonths,moreSAFplantswilllookto

maketheirfinalinvestmentdecisionandpotentiallyprogresstoconstruction.Expectationsfor

economy-widedecisionsatCOP30inOctoberarealsohigh,withtheaviationandcleanfuelsagendaplayinganincreasinglyprominentroleinmultilateralevents,includingtheG7andG20.

Theactionsthatindustryandgovernments

acrosstheworldtakethisyearwillbevitalto

ensuretheaviationsectorremainsontherightflightpathtomeetinternationallyagreedtargets,withnocountriesorregionsleftbehindinthe

questforsustainability.TheglobalvisionagreedthroughICAOmeansthat,withinfiveyears,thecarbonintensityofjetfuelwillhavetoreduce

by5%.Lookingahead25years,ICAO’slong-term“aspirationalgoal”isnet-zerointernationalaviationby2050.

However,thesectorisalsopoisedtogrow

significantlybythatdate.Aviationexecutivesare

increasinglyfacingtrade-offsbetweensustainabilityandgrowth,andboththeseareaffectedbythe

constantlyevolvinggeopoliticalcontext,withincreasedconflicts,loomingtradebarriersandrecentelectionsacrosstheglobeaffectingair

traffic,policy,investmentandfeedstockflows.

Theseeventsareimpactingthedynamicsbetweencountriesandtheopportunitiesforcollaboration

atatimewhensuchcooperationiscriticalfor

thelow-carbontransition.Inthisimportantyear

foraviationsustainability,theWorldEconomic

Forumaimstofostertheinternationalactionandcollaborationneededbetweengovernments,

aviationstakeholdersandthewidervaluechaintoaccelerateindustry’stransitiontonet-zeroaviationandensuresustainabilityremainsparamountinthesector’squestforgrowth.

Theaviationindustryhasdemonstrateditsabilitytotransformandadapt,byovercomingsomeofthechallengesthathaveaffectedthesectorin

recentyears,fromsafetyissuestosupplychain

constraintsandlong-COVIDimpacts.Howcan

thisspiritofresiliencebefunnelledtowardsfuellinggreatersustainabilityandhowcanmomentumforsustainableaviationbemaintainedasthesectorexpands?Whichprioritiesandactionscanbe

takenforward?Whichrisksshouldpublic-privatecollaborationfocusonthisyeartoaccelerate

progresstowardsdecarbonization?

Thesearesomeofthequestionsweposedto

ChiefExecutiveOfficersfromtheWorldEconomicForum’saviationcommunityinlate2024andearly

2025.Theirviewshaveinformedthisnewflagshipreportthataimstosetthescenefordiscussions

overtheyearahead.Ourassessment,whichwe

plantopublishregularlyinthisformat,reviewskeymarketdevelopmentsandcomplementsthemwithstakeholders’perspectivesandpriorities.Ouraimistocapturetheevolutionofaviationexecutives’

viewsovertimeandtoinformongoingopportunitiesforpublic-privatecollaboration.

GlobalAviationSustainabilityOutlook20254

JustinErbacci

DirectorGeneral,AirportsCouncilInternationalWorld

In2024,theaviationindustryreachedasignificant

milestone,withglobalpassengertrafficnotonly

recoveringbutalsosurpassingthepre-pandemic

levelsof2019,markinganeweraofgrowth.Airportsplayakeyroleintheaviationsector,directlyemploying11.6millionpeopleworldwide.Asenablersofa

sustainableaviationecosystem,airportsarefocusedonreducingenergydemand,improvingefficiencyandsupportingthedeploymentofSAF.

However,challengesremain.Governments,energyproducersandthefinancesectormustaccelerate

SAFadoptionthroughtargetedpoliciesand

investments.Transparenttraceabilitysystemsarecrucialandgovernmentsmustintegrateaviation’scleanenergyneedsintonationalpolicies,ensuringaccesstogreenenergy.Infrastructuredevelopmentforclimateresilience,backedbyfinancial

mechanisms,isalsovital.

Wearecommittedtocollaboratingwithindustrypartnersin2025andbeyondinbuildinga

sustainableaviationfuture.

Executivesummary

Aviation’sjourneytowardsnetzerofacesnumerouseconomic,technologicalandgeopoliticalrisks,butthemainchallengefor2025istheavailabilityandcostof

sustainableaviationfuel.

Theaviationsectorisatacriticaljuncture

in2025,asupdatedstateactionplansfor

decarbonizationareduetobesubmittedtothe

InternationalCivilAviationOrganization(ICAO).

Industrystakeholdersareincreasinglylooking

toadvanceaviationdecarbonizationactivityin

tandemwithboostinggrowthpostCOVID-19,butanumberofchallengesareaffectingprogressonsustainability.Thisyear’sactionsbyindustryandgovernmentsarevitaltomeetinginternationally

agreedtargetsandensuringnoregionsareleftbehindinthetransitiontonet-zeroaviation.

Thisreport,producedbyAirportsofTomorrow–a

WorldEconomicForuminitiativebringingtogether

leadersfromacrosstheaviationindustry–aimsto

provideanoverviewofthetoprisksandopportunitiesaffectingaviationdecarbonizationprogressin2025,asperceivedbyindustrymembers.Thegoalisto

accelerateactionsthattheaviationindustrycan

takeforwardonSAF,battery-electricandhydrogenaviationtoachieveanet-zeroaviationindustryby

2050.AirportsofTomorrowC-suitestakeholdersweresurveyedandinterviewedtocaptureperspectives,

opportunitiesandrisksconcerningthisyear’sprogressondecarbonizingaviation.

Aviation-speci?crisks

Widerrisks

1Availability/costofSAF

1Geopolitics

AlignmentofSAFpolicyacross

regionsandlongevityofsubsidies

2

2

Bankabilityandattractivenessoftheaviationsectorforinvestors

3

3Economicdownturnandin?ation

ImplementationofCORSIA

TraceabilityofsustainabilitycriteriaforSAFfeedstocks

4

Changein

governments

5

5

Competingpriorities(e.g.climateresilience,growth,revenue)

●Technology

●Policyandgeopolitics

●Economic

●Sustainability

Note:SAF=sustainableaviationfuel,CORSIA=CarbonOffsettingandReductionSchemeforInternationalAviation.

Source:WorldEconomicForum.

GlobalAviationSustainabilityOutlook20255

4

Effectivenessofcarbonpricingandemissionstradingschemes

FIGURE1Top-10risksaffectingaviationdecarbonizationprogress

GlobalAviationSustainabilityOutlook20256

TABLE1

Top-10risksaffectingaviationdecarbonizationprogress

Widerrisks

1

Geopoliticsisthetopnon-sustainabilitychallengeaffectingprogressondecarbonizingaviation.Thewithdrawalof

theUSfromtheParisAgreementinearly2025andthe

“AmericaFirst”tradepolicyarebeingcloselymonitored

bytheaviationcommunity,asincreasingprotectionism

andtariffsposesignificantrisks.Geopoliticaltensionsare

destabilizingfeedstockexportsandfuellingdomesticenergysecurityconcerns.Internationalscrutinyonfairnessand

competitivenessaddstothecomplexdynamicsatplay.

Bankabilityandattractivenessoftheaviationsectorforinvestors:aviationisnotseenasaprioritysectorforinvestmentbythefinancialcommunity,despiteneedingsignificantcapitaltomeetdecarbonizationgoals.Multipleaviationtechnologies(e.g.SAF,hydrogen,eVTOLs)arelookingtosecurecapital,withthefirstlargeinvestmentsinSAFin2024andincreasingmomentumforeVTOLs.

Technologychallengesandregulatorypressurespersist,influencingwhetherandhowinvestmentsinaviation

decarbonizationtechnologiesarebeingmadeandperceivedbythefinancialcommunity.

Economicdownturnandinflation:despiteeasing

inflationarypressuresandencouragingprofitabilityfigures,theglobaleconomicoutlookremainsaconcernforaviationexecutives,particularlyinemergingmarkets.Risingcostsinlabour,supplychainbottlenecksandregulatoryuncertaintyareimpactingprofitabilityandaffectingthesector’sfocusonthenet-zeroagenda.

Changeingovernments:followingayearof“super

elections”,stakeholdersareconcernedaboutchanging

governmentpriorities,policyU-turnsandthelongevity

ofincentivesthatcouldimpactaviationdecarbonization.

Somecountries,liketheUnitedKingdom,haveacceleratedtowardssustainableaviation,butthisisnottheglobaltrend.ElectionsthisyearinAustralia,Canada,Germany,SingaporeandLatinAmericacouldfurtherinfluenceaviationpolicies.

3

4

2

5

Competingpriorities:asthesectorlookstogrowfurtherintermsofpassengernumbers,connectivityandprofitability,thedecarbonizationagendafaceschallengestoensureaviation’sexpansioncanbesustainableandcanattractthecapital

neededtoscale-upnewtechnologyandmeetdecarbonizationgoals,inanincreasinglycompetingenvironment.Profitability,

growth,climateresilienceandconsumerexperience

improvementsarecriticalareasoffocusforAirportsof

Tomorrowstakeholders,affectinghowaviationexecutivesseeandprioritizethedecarbonizationagendaacrossregions.

Aviation-specificrisks

aviationdecarbonizationin2025.Airlinesneedtocommittolong-termSAFofftakeagreementsbutde-riskingmechanismsarevitalastherisksofadvancedSAFproductiontechnologiesandvaryingregionalpoliciesposesignificanthurdles.More

corporateinvolvementandfavourablepoliciesareessentialtoattractcapitalandsupportSAFprojectsglobally.

AlignmentofSAFpoliciesacrossregionsandlongevityofsubsidiesarecrucialforencouraginginvestmentandensuringconsistentSAFadoptionacrossregions.In2024,AsiaPacificemergedasakeymarket:severalcountriesintroduced

supportivepolicies,whileChinaisexpectedtounveildetailedSAFpoliciesthisyear.BrazilandChilehaveestablished

nationalSAFprogrammesandpartnerships.OmanandSaudiArabiaareformulatingstrategiesforSAFdevelopment.EuropehasstrongSAFpoliciesbutfacescompetitionfromemergingmarketswithcompetitivefeedstockadvantages.IntheUS,

thefutureofSAFincentivesremainsuncertainduetopoliticalchanges.Patchypolicyframeworksandvaryingsustainabilitystandardsposechallenges:consistent,alignedpolicies

areneededtosupportglobaladoptionofSAFandensureprogresstowardsdecarbonization.

ImplementationofCORSIA:effectiveimplementation

ofICAO’sCarbonOffsettingandReductionSchemefor

InternationalAviation(CORSIA)isessentialforstandardizingcarbonreductioneffortsandensuringglobalcompliance.

Despitepositivemomentum,withmorecountriesjoiningandnewcarboncreditprogrammesapproved,challengesremainduetonon-participationofmajorcountries.

TraceabilityofsustainabilitycriteriaforSAFfeedstocks:

asaviation’srelianceonSAFincreases,scrutinyonthe

sustainabilitycredentialsoffeedstockswillintensify.Concernsaroundland-usechange,deforestation,pooragricultural

practices,foodsecurityandbiodiversityimpactshaveledto

regulatoryrestrictionsandbansoncertainbiofuels.Improvedtransparencyandresearch,alongwithconsistentsustainabilitystandards,areessentialtoaddresstheserisksandsupport

thedevelopmentofalternativeSAFproductionpathways.

Effectivenessofcarbonpricingandemissionstradingschemes:airlineswillneedtonavigatebothCORSIAandlocalemissiontradingschemes,withvaryingregional

policiesandtheinclusionofnon-CO2emissionsaddingcomplexityandpotentialcompliancecosts.

AvailabilityandcostofSAFarethebiggestchallengesfor

3

4

2

5

1

Note:Theserisksarebasedonresponsestothesurveyofaviationexecutivesconductedforthisreport.

GlobalAviationSustainabilityOutlook20257

1Cautiousoptimism

Expectationsarehighforayearofclimate

actionin2025toensurethedecarbonizationvisionfor2030oftheInternationalCivil

AviationOrganizationcanbeachieved.

werecautiouslyoptimistic.Morethantwo-thirdsofrespondentswereconfidentthatthemomentumforaviationdecarbonizationwillcontinuein2025,withaminorityvoicingneutralornegativeexpectationsfortheyearahead(seeFigure2).

Duringthelastquarterof2024,theWorldEconomicForumsurveyedtheviewsof

around30C-suiteexecutivesfromtheaviation

community.Despiteheadwindslastyear–includingSAFplantclosures,scrappedprojectsanddelaysinpolicyguidanceandincentives–executives

FIGURE2Optimismaboutprogressondecarbonization

Lookingaheadat2025,howoptimisticareyouthattheaviationsectorwillmakemeaningfulprogresstowardsdecarbonization?

0%10%20%30%40%50%60%70%80%90%100%

●Veryoptimistic

Neutral

●Somewhatoptimistic

●Somewhatpessimistic

Source:WorldEconomicForum.

Morethantwo-thirdsofrespondentstotheForum’s

C-suitesurvey

wereconfidentthatthemomentum

foraviation

decarbonizationwillcontinuein2025.

Respondentswerealsolargelyoptimisticabout

thefeasibilityofthe2030visionagreedatthe

thirdConferenceonAviationandAlternativeFuels(CAAF/3),convenedbytheInternationalCivil

AviationOrganization(ICAO)inDubaiinNovember2023(seeBox1andFigure3).However,aminorityofrespondentsremainpessimisticaboutthe

sector’sabilitytoreducethecarbonfootprintofaviationfuelsby5%bytheendofthedecade.

Industryleadersflaggedsomedevelopmentsasparticularlypromising:

–Thesecondhalfof2024sawnotable

breakthroughsintechnologydevelopmentandinvestment,withsignificantcapitalraisedby

SAFstart-ups.

–SAFproductiondoubledfrom2023to2024andisexpectedtodoubleagainin2025.1

–Afterseveralelectioncyclesacrosstheglobe,

moreadministrationsareintroducingnewSAF

policiesorstrengtheningexistingpolicies–the

newgovernmentintheUnitedKingdomboostedsupportforSAFwithinweeksoftakingoffice.

GlobalAviationSustainabilityOutlook20258

BOX1DecarbonizationvisionoftheInternationalCivilAviationOrganization(ICAO)

Source:ICAO.2

adoptedanewICAOGlobalFrameworkfor

SustainableAviationFuels(SAF),LowerCarbonAviationFuels(LCAF)andotherAviationCleanerEnergies,whichaimstoreduceCO2emissionsininternationalaviationby5%by2030,

comparedtozerocleanerenergyuse.

CORSIA:

TheCarbonOffsettingandReductionSchemeforInternationalAviationwasadoptedbyICAOin2016toachievecarbonneutralgrowthfrom

2020.Theglobalmarket-basedschemerequiresairlinestooffsetanyincreaseinCO2emissionsabove2019levels.CORSIA’spilotphasebeganon1January2021anditwillbecomemandatoryforallcountriesin2027.

Netzeroby2050:

Atthe41stICAOAssemblyinOctober2022,

delegatesfrom184memberstatesofICAOand57organizationsadoptedacollectivelong-

termglobalaspirationalgoal(LTAG)ofnet-zerocarbonemissionsby2050.Thisgoalwillbe

achievedthroughacceleratedadoptionofnewandinnovativeaircrafttechnologies,streamlinedflightoperationsandincreasedproductionanddeploymentofsustainableaviationfuels(SAF).

5%reductionincarbonemissionsfromaviationfuelby2030:

AtthethirdICAOConferenceonAviationandAlternativeFuels(CAAF/3),inDubaiinNovember2023,over100memberstates

FIGURE3

OptimismthatICAO’s2030visionwillbeachieved

Howoptimisticareyouthatthe2030visionagreedatCAAF/3lastyearwillbeachieved?

0%10%20%30%40%50%60%70%80%90%100%

●Veryoptimistic

Neutral

●Somewhatpessimistic

●Verypessimistic

●Somewhatoptimistic

Note:CAAF/3=ThirdConferenceonAviationandAlternativeFuels,convenedbytheInternationalCivilAviationOrganization(ICAO)inDubaiinNovember2023.

Source:WorldEconomicForumindustrysurvey.

ThenextICAO

GeneralAssembly

inSeptember

2025willbean

importantmomenttoassessindustryoptimismaround

thelong-termglobalaspirationalgoal

fornet-zerocarbonemissionsby2050.

spaceduringrecentconferencesofparties,COP29sawamultitudeofaviation-relatedeventsand

conversationsspurredbykeydevelopmentsininternationalnegotiations.

InBaku,boththeagreementofanewcollective

quantifiablegoal–aimingtoscale-upatleast$1.3trillionofpublic-privatefinancingfordeveloping

countriesby2035–andtheadoptionoffinal

Article6ruleshaveimplicationsonaviation.Theformerledtomultiplecallsforimplementinga

globalsolidaritylevyonaviationandshippingfuels(seeChapter3.3),3whilethelatterpavedthewayforasmootherimplementationofICAO’sCORSIAschemebyclarifyingrulesoncorresponding

adjustmentsfortheuseofcarboncreditsasmitigationmeasuresinaviation,whileavoidingdoublecountingtowardsanNDC.

ThenextICAOGeneralAssemblyinSeptember

2025willbeanimportantmomenttoassess

industryoptimismaroundthe2030visionand

whetherthelong-termglobalaspirationalgoal

(LTAG)fornet-zerocarbonemissionsby2050willremainthenorthstarguidingcountriesahead.

SeveralofthestakeholdersinterviewedwouldliketoseerenewedsupportforICAOfromallcountries,withaparticularfocusonsupportingtheGlobal

Southtoachieveajustandequitabletransition.

ICAO’sGeneralAssemblywillnotbetheonly

internationaleventunderscrutinythisyear.

November’sCOP30inBrazilrepresentsamajormomenttoadvanceclimatenegotiationson

thebackofdevelopmentsduringCOP29in

Bakuandthesubmissionofupdatednationallydeterminedcontributions(NDCs)during2025.Whileaviationhastraditionallytakenuplimited

GlobalAviationSustainabilityOutlook20259

Asaviationandclimatenegotiatorsconvenein

internationalforumsduringthispivotalyearfor

climateaction,severalsurveyedCEOshighlightedtheneedforgovernmentstoagreeonaconsistentaviationdecarbonizationapproachacross

countriesandtoestablishaclearpathtocarbonemissionsreductiontargetsalreadyset,potentiallythroughtheintroductionofinterimmilestonesonthejourneytothe2030ICAOvisionand2050

long-termaspirationalgoal,soastobetterguideindustryandinvestors.

However,notallrespondentsweresupportiveof

additionalmilestonesortargets,giventheincreasingfatiguearoundsustainabilitytargetsthatemergedattheendoflastyear.Someexecutiveswarnedaboutsettingtargetswithoutsupportingactions.

Chapter2exploressomeofthemoresignificant

enablersproposedbyindustryleaders,suchas

globalstandardizationofSAFsustainabilitycriteria,regulatorystandardsbuildingonCORSIAandtheadoptionofglobalde-riskingmechanismsforSAF.

Theaviationindustry’sjourneytowardsnetzeroisatestamenttothepowerof

innovationandcollaboration.AtEcoCeres,wearecommittedtoscalingSAF

productionthroughcutting-edgetechnologiesandstrategicpartnerships,ensuringthatcostandavailabilitynolongerhinderprogress.AsupdatedstateactionplansaresubmittedtoICAO,itisimperativethatgovernments,industryleadersand

innovatorsworkhand-in-handtoacceleratedecarbonizationefforts.Together,wecanturnthesechallengesintosteppingstones,ensuringasustainablefutureforaviationandleavingnoregionbehindinthetransitiontonetzero.

MattiLievonen,ChiefExecutiveOfficer,EcoCeres

GlobalAviationSustainabilityOutlook202510

2

Sustainabilityrisks

SAFavailabilityandincentives

remaintoppriority,asmomentumforotherleversreduces.

TheForum’ssurveyofaviationexecutivesasked

theirimpact.Threemaingroupsofchallengeswereidentifiedaroundtechnology,policyandgeopoliticsandsustainability(seeFigure4).

themtoranktheimmediaterisksdirectlyaffectingprogressonaviationdecarbonization,accordingto

4

FIGURE

Top10aviation-specificrisksaffectingdecarbonizationprogress

1Availability/costofSAF

2AlignmentofSAFpolicyacrossregionsandlongevityofsubsidies

4

3ImplementationofCORSIA

TraceabilityofsustainabilitycriteriaforSAFfeedstocks

5

Effectivenessofcarbonpricingandemissionstradingschemes

6Availabilityandcostofgreenelectricity,hydrogenandinfrastructure

Availabilityofhydrogenandbattery-electricaircraft

7

Geographicalconcentrationofresources

8

10

9Greenwashingandconsumerscepticism

Availabilityofcarbondioxideremovalsandout-of-sectorcarbonoffsets

●Technology

●Sustainability

●Policyandgeopolitics

Source:WorldEconomicForumindustrysurvey.

GlobalAviationSustainabilityOutlook202511

Technologychallenges

2.1

ICAO’sonline

trackerofSAF

offtakeagreementsshowsthat

thenumberof

agreements,aswellastheirvolumeandaveragetenor,hasbeenreducingsincetheypeakedin2022.

ICAOoffersanonlinetrackerofSAFofftake

AvailabilityandcostofSAF

agreements,whichshowsthatthenumberof

agreements,aswellastheirvolumeandaverage

tenor,hasbeenreducingsincetheypeakedin2022(seeFigure5).4Whiledatashouldbeinterpreted

cautiously,asofftakeagreementsareusually

multi-yearandthusmaynotneedre-signingonayearlybasis,thereisacleardownwardtrendinthewillingnesstoenterlong-termdeals.Thisisparticularlytrueinemergingaviationmarketslookingtogrow,suchasAsiaPacific,theMiddleEastandLatinAmerica,wherecarriersfearthehigherticketpricescouldhaveabigimpactoncompetitivenessatakeygrowthmoment.

ExecutiveshighlightedtheavailabilityandcostofSAFasthebiggestchallengeaffectingprogressondecarbonizingaviationduring2025.Many

airlinestypicallyhighlightSAF’savailabilityand

priceasthekeyobstaclespreventingthemfromsigningfirm,long-termofftakeagreements;

equally,investorsviewsuchofftakeagreementsasa“musthave”beforeprovidingSAFplants

withthecapitaltheyneedtodevelop.The

challengeisthattheairlinebusinessisknownforitssmallmargins–andtheCOVID-19pandemicresultedinsignificantlossesandbankruptcyrisksthatthreatenedthegrowthofthesectorand

exacerbateditstraditionallylowcreditworthiness.

Number,volumesandtenorofSAFofftakeagreements,trackedbyICAO

FIGURE5

ICAOSAFtrackerforofftakeagreements

Number(#)ofofftakeagreements;offtakevolumes(millionlitres);andlength(years)

21,715

22,000

20,000

18,000

35

16,000

14,000

12,000

20

10,000

8,000

6,000

10

4,000

2,000

0

2019

6.3

Offtakelength(years)

5

Source:ICAO.

43

45

40

Offtakevolumes(millionlitres)

Offtakeagreements(#)

28

11,755

30

25

20

15

23

9,217

5

416

2020

4

1,568

2024

5

0

975

2023

2021

2022

6.8

5.2

6.7

4.5

5.9

Offtakelength(years)

●Offtakevolumes(millionlitres)

昌-Numberofagreements

premiumofSAFhasalsobeenreducingthroughout2024,atleastinEurope,wheretheaveragecost

differentialbetweenHEFAandconventionaljetfuelhasfallenfromapproximately2xinSeptember

2023to1.2xinNovember2024.6Wherebalancesheetsallowit,someairlinesaresigninglong-termcontractsforSAFofftakesortakinganequity

stakeindevelopingSAFprojects,demonstratingawillingnesstoinvestandpaytheSAFpremium.

BothSAF’savailabilityandcosts,however,areonapositivetrajectory,atlea