Washington, D.C. — In a pivotal move to increase global investment in sustainable aviation fuel (SAF), the International Civil Aviation Organization (ICAO) highlighted its FINVEST Hub platform at the recent World Bank Group and IMF Annual Meetings in Washington, D.C. ICAO Secretary General Juan Carlos Salazar met with senior officials from development banks and international organizations, focusing on how FINVEST can connect decarbonization projects with investors, particularly for projects in developing countries.

The FINVEST Hub serves as a bridge, connecting SAF and other decarbonization initiatives with both public and private investors, a critical step toward scaling up sustainable aviation projects globally. “FINVEST Hub aims to fill a crucial financing gap, especially for developing States,” Salazar noted, emphasizing the platform’s role in enhancing funding for projects that meet ICAO’s Long-Term Global Aspirational Goal (LTAG) of reducing aviation’s carbon footprint by 2050.

Addressing SAF’s financing challenges, the meetings discussed production constraints, high costs relative to traditional jet fuel, and the lack of supply chains in many regions. ICAO estimates that nearly $3.2 billion will be needed by 2050 to establish adequate SAF production, highlighting the essential role of collaboration with development banks and financial institutions to create viable funding channels.

Ms. Annie Petsonk, U.S. Department of Transportation’s Assistant Secretary for Aviation and International Affairs, reaffirmed U.S. support for ICAO’s decarbonization efforts. In her keynote address, Petsonk emphasized the 2030 Vision and Global Framework outcomes from the 2023 Conference on Aviation Alternative Fuel (CAAF/3), noting that “collaborative funding pathways are necessary to meet our clean aviation goals.”

Salazar also met with Ms. Nerissa Cook, Deputy Assistant Secretary of State for International Organization Affairs, to discuss ICAO’s ongoing transformation to become more adaptive and collaborative. During individual discussions with representatives from the World Bank, IMF, European Investment Bank, and Inter-American Development Bank, Salazar underscored ICAO’s commitment to securing financial support for the aviation sector’s sustainable transition.

Accompanying Salazar was Michael Gill, ICAO’s Legal Affairs and External Relations Director, who supported discussions with high-level officials across the meetings. These engagements reinforce FINVEST Hub’s potential to attract the necessary capital for sustainable aviation advancements.

“FINVEST Hub aims to fill a crucial financing gap, especially for developing States.” – Juan Carlos Salazar