United Airlines is partnering with Air Canada, Boeing, GE Aerospace, Honeywell, and JPMorgan Chase to launch a $100M venture capital fund that backs startups and technology developing sustainable aviation fuel (SAF).
The move comes as the aviation industry has been pushing to cut its greenhouse gas emissions to meet increasingly strict pollution standards.
The fund is called the United Airlines Ventures Sustainable Flight Fund.
- The airline is also offering some of its customers 500 United MileagePlus frequent flyer miles for donating $1, $3.50, or $7 to the fund.
- The offer is available to the first 10,000 customers who donate.
- Currently, the supply of SAFs is limited and costs about two to four times the price of jet fuel.
- United CEO Scott Kirby said the fund is unique and aims to create a system that drives investment to build a new industry around SAFs.
- Kirby added that the path to lower emissions in the aviation industry requires the development of new ideas and technology.
