ESG Today reports that the total funding, offered by investors such as Airbus, Air France-KLM Group and Qantas Airways, amounts to 200 million USD and will be used to support SAF manufacturing projects, as well as those that develop the technologies required to produce these sustainable fuels.

The companies that are expected to receive financing are those that already have a mature production technology and that use waste streams to convert into clean fuels for aviation. Additionally, each of the airlines that financially supports the SAFFA fund can secure SAF contracts with production projects.

Qantas Group CEO Vanessa Hudson said that "aviation is one of the hardest sectors to decarbonize and it’s going to take partnerships across industries like this to help close the gap between supply and demand. The current imbalance is one of the reasons SAF comes at a significant premium compared to jet kerosene, so it’s critical for the industry to invest now in scaling production."

Crysalis Biosciences, a tech company that produces low carbon intensity SAF and biochemicals, received the first financing through the program, and it used the money to purchase and modernize a defunct ethanol plant in the US.