A new study by the World Economic Forum (WEF) and global management consulting firm Kearney reveals that the total capital expenditures required to meet SAF demand by 2030 could reach $45 billion.

According to the new report, Financing Sustainable Aviation Fuels: Case Studies and Implications for Investment, global SAF demand is expected to reach 17 million tons per year by 2030, representing about 5 percent of total jet fuel consumption. At the end of 2024, production capacity reached 4.4 million tons per year, but total capacity is expected to expand by another 6.9 million tons per year based on confirmed facility expansions and new refineries opening. The research also reveals that reaching the anticipated level of demand in 2030 will require an additional 5.8 million tons of production capacity to secure financial investment decisions by 2026.

Scaling up SAF requires action now

Considering the 5.8 million tons of required additional production capacity and the average investment costs, the total capex needed to meet SAF demand is estimated to be between $19 billion and $45 billion, depending on the technology mix, according to the study, which is part of the WEF’s Airports of Tomorrow initiative.

The capital landscape for SAF investments is complex, with the refinery life cycle requiring effective navigation of the policy, market, technology and feedstock risks, particularly through long-term policy consistency and feedstock security needed to attract capital.

10 ways to bolster SAF investments

The joint report identifies 10 financial methods that could improve SAF investments, calling on producers, governments, and investors to work together to provide the best mix of approaches to alleviate the risks:

• Research and innovation grants for early-stage, high-risk SAF technologies to reduce upfront costs
• Multilateral development bank support, particularly in developing regions with complex regulatory landscapes
• Guarantees and insurance, such as loan guarantees, first-loss capital, and insurance solutions
• Strategic investments, such as collaboration with airlines, airports, original equipment manufacturers, and energy players to provide demand assurance and foster a supportive ecosystem
• Long-term offtake agreements to provide stable revenue and alleviate demand uncertainty
• Book-and-claim mechanisms that allow corporate travelers to take an active role in funding SAF
• Green bonds tied to SAF production to serve as a powerful tool for raising impact-driven capital
• Private equity capital and operational expertise to accelerate commercialization and scale SAF projects
• Infrastructure investors with lower capital costs and a long-term investment horizon
• Tolling models that mitigate market risks by charging a fixed fee for refinery capacity while customers supply feedstock and retain ownership

New greenfield SAF refineries will be essential if the industry expects to meet its 2030 climate goals. The combination of collaboration structures and financing models do not work in isolation. To effectively scale up SAF, project developers will need to explore as many of these 10 avenues as possible.

“If we are serious about hitting SAF targets by 2030, SAF producers, governments, and investors will need to work together to de-risk production and scale employment,” Kearney’s Global Sustainability Director Claudia Galea said. “There are a number of financing roadblocks for SAF to scale up effectively. Addressing these barriers will require a multifaceted approach with technological innovation, policy frameworks, and innovative financial structures to enhance the investment appeal for SAF projects across their life cycle.”

World Economic Forum Aviation Decarbonization Lead Giorgio Parolini added, “Banks will often view SAF projects as high risk due to their novelty, extended timelines, and reliance on emerging technologies. Project developers must bear this in mind when attempting to attract capital. For SAF to reach scalable production, a shift in financing mechanisms will be necessary, leveraging both private and public capital to mitigate the perceived risks and catalyze a substantial cash flow into the sector.”

Methodology

Kearney’s analysis is based on voluntarily announced 2030 SAF commitments from the following carriers: Scandinavian Airlines/SAS (about 35 percent), FedEx (30 percent), UPS (30 percent), DHL (30 percent), Airbus (30 percent), Norwegian (20 percent), Ryanair (12.5 percent), American Airlines (10 percent), Delta Air Lines (10 percent), Air France-KLM (10 percent), International Airlines Group/IAG (10 percent), Southwest Airlines (10 percent), Qatar Airways (10 percent), All Nippon Airways/ANA (10 percent), Cathay Pacific (10 percent), Japan Airlines/JAL (10 percent), Qantas (10 percent), JetBlue (10 percent), Alaska Airlines (10 percent), WizzAir (10 percent), TAP Air Portugal (10 percent), Virgin Atlantic (10 percent), Finnair (10 percent), Hawaiian Airlines (10 percent), SkyWest Airlines (10 percent), United Airlines (10 percent), Lufthansa Group (5 percent), Singapore Airlines (5 percent), Malaysia Airlines (5 percent), Aeromexico (5 percent), Philippine Airlines (5 percent), GOL Airlines (1 percent in 2025), and AirCanada (1 percent in 2025).

About Kearney

Kearney is a leading global management consulting firm. For nearly 100 years, we have been a trusted advisor to C-suites, government bodies, and nonprofit organizations. Our people make us who we are. Driven to be the difference between a big idea and making it happen, we work alongside our clients to regenerate their businesses to create a future that works for everyone.

kearney.com

About the World Economic Forum

The World Economic Forum, committed to improving the state of the world, is the international organization for public–private cooperation. The WEF engages the foremost political, business, and other leaders of society to shape global, regional, and industry agendas.

Teamsters pilots at Omni Air International have voted by an overwhelming 99 percent margin to authorize strikes. The vote grants the union’s leadership the authority to call strikes when Omni or its parent company ATSG [NASDAQ: ATSG] implement unilateral changes to working conditions without following the legally required process. It comes one year after pilots voted unanimously to call a strike once released from negotiations by the National Mediation Board. The 350 pilots are represented by the Airline Professionals Association-Teamsters Local 1224.

Over the past year, Omni and ATSG have committed a record number of contract violations and at least one unlawful status quo change. These abuses have worsened longstanding issues with scheduling, pay, and overall employment conditions. Omni plays a critical role in government and military transport, serving clients like the U.S. Department of Defense and U.S. Transportation Command. Omni also services commercial customers such as Air Canada, WestJet, the United Nations, and the National Football League, and charter brokers like Chapman Freeborn Airchartering.

“The Teamsters urge Omni Air to honor the contributions of these pilots and stop implementing unlawful status quo changes,” said Greg Unterseher, Director of the Teamsters Airline Division, Above the Wing. “Our pilots are dedicated professionals who deserve to be treated with dignity and respect. If the company refuses to recognize our rights, we are prepared to act accordingly.”

A recent survey of Omni pilots revealed serious concerns about safety and working conditions, with 80 percent of pilots saying they do not have confidence the company is prioritizing pilot safety and operational integrity. Additionally, 91 percent of Omni pilots report that the carrier’s scheduling practices cause pilot fatigue, while 40 percent of pilots report that Omni management has attempted to coerce them into unsafe practices or violate federal aviation regulations.

“Our near-unanimous vote is a testament to the strength and unity of Omni Teamsters,” said Captain Paul Rodell, a member of the Omni Air Pilots Executive Council. “Our pilots are committed to maintaining the highest standards of safety, service, and professionalism. But we cannot do this if the company continues to undermine our working conditions by implementing unlawful changes. Omni management has left us with no choice but to take direct action to protect our members and our livelihoods.”

ATSG recently announced that its stockholders voted to approve a proposed merger with Stonepeak Partners, an investment firm specializing in infrastructure and real assets. Over 20 large U.S. public pension plans have invested funds with Stonepeak, including the New York State Common Retirement Fund, the Michigan State Retirement System, the Illinois State Retirement System, Teachers Insurance and the Annuity Association of America (TIAA), the New Jersey State Retirement System, and the Oregon Public Employees Retirement Fund.

Approximately 600 pilots at Omni’s sister company, Air Transport International, a subsidiary of ATSG and the largest Amazon air cargo carrier, are also operating under an active strike vote authorization administered by their labor union the Air Line Pilots Association.

Get ready to board the Four Seasons Private Jet Experience for an exclusive opportunity to explore some of the iconic settings of the HBO® Original Series The White Lotus with a new World of Wellness journey. Building on the recently announced global partnership between Four Seasons and HBO, the unforgettable 20-day itinerary will be offered for one exclusive journey, touching down in Maui, Taormina and Koh Samui— filming locations of the first three seasons of acclaimed series—along with five additional intriguing destinations that will allow guests to create their very own memorable storylines.

“We’ve experienced firsthand how The White Lotus has fuelled the set-jetting trend, inspiring travellers to explore the breathtaking Four Seasons properties that served as backdrops for this beloved series,” says Marc Speichert, Executive Vice President and Chief Commercial Officer, Four Seasons. “Now, with the third season captivating audiences, we are thrilled to provide guests with the opportunity to experience their own version of The White Lotus aboard the Four Seasons Private Jet Experience, blending their love of the series with the bucket-list journeys we offer in the sky.”

The World of Wellness itinerary will take flight for one journey and is designed to celebrate the cultural phenomenon of The White Lotus and some of the iconic settings of its storylines, along with other compelling global destinations. With wellbeing playing its own role in the third series, guests aboard the Four Seasons Private Jet Experience can explore wellness their way, with fully personalized itineraries to enrich mind, body and soul as they travel from one captivating destination to the next. Whether indulging in a spa treatment, looking for an adrenaline rush, or simply lounging with a cocktail in hand, guests can dream up their own wellness itinerary suited to their wishes.

“The World of Wellness itinerary was crafted to meet the desire of guests, knowing that more and more, travellers are influenced by the locations they enjoy on their screens,” continues Speichert. “This new journey is perfectly curated to meet this demand, while personalizing offerings for each guest at every step of the way. It’s a once-in-a-lifetime experience, and we can’t wait to take flight in 2026.”

Let Your Story Unfold: The White Lotus x The World of Wellness

The Four Seasons Private Jet Experience offers a seamless end-to-end journey aboard a custom-designed Airbus A321 with stops in some of the world’s most fascinating destinations, this time with a focus on personalized wellness. On the ground and in the air, guests will enjoy Four Seasons legendary service, access to local adventures and experiences, and personalized care from a dedicated team.

World of Wellness will take 48 guests to eight iconic destinations from May 7 to 26, 2026. Travelling aboard the custom-designed Four Seasons Private Jet, guests will take off from Singapore, before journeying onwards to Koh Samui, the Maldives, Taormina, Marrakech, Nevis, Mexico City, and completing the journey in Maui—all with stays exclusively at Four Seasons hotels and resorts.

Highlights include three nights at Four Seasons Resort Koh Samui in Thailand, a backdrop in the recently premiered third season of The White Lotus. Guests will have the opportunity to snorkel with guidance from an expert marine biologist, take part in Muay Thai training at the property’s iconic boxing ring set in the hills with 240-degree views of the ocean and jungle, and enjoy spa treatments inspired by the Resort’s tropical surroundings and rooted in Thai traditions.

In Taormina, Sicily, which served as a setting in season two, guests will enjoy three nights at San Domenico Palace, Taormina, A Four Seasons Hotel, cycling to picturesque wineries around Mount Etna, morning yoga in the Belvedere Gardens, and creating one’s own TV-worthy scenes strolling through the pebble stone streets and back alleys of the historic town, enjoying the many culinary delights at every corner.

Along the way, each destination is ripe for discovery to suit each guest’s own needs, starting with a welcome dinner in Singapore, where guests will taste firsthand why the country is known as a culinary paradise. In the Maldives, discover the magic of a Night Spa ritual performed under the stars, snorkel the coral reef, and embark on a turtle safari, or spend the day lounging amid the turquoise waters surrounding the Resort. Spend a day discovering the cultural secrets of Marrakech amid the ancient medinas, followed by a relaxing private hammam bath experience with a clay scrub from the Atlas Mountains for full-body exfoliation and soothing. In Nevis, rejuvenate at the island’s natural hot springs, and in Mexico City, take part in a traditional temazcal (house of heat) ceremony, take in sunrise views from a hot-air balloon or enjoy a cocktail in the hotel’s world-renowned bar, Fifty Mils.

The trip will conclude where the The White Lotus began, with two nights at Four Seasons Resort Maui at Wailea, offering guests the opportunity to explore the coast on an outrigger canoe and unwind at the end of a memorable journey through the traditions of deep-rooted Hawaiian culture in a lomi lomi massage.

Beyond enjoying the wonders of the journey on the ground, travellers will jet-set between each location aboard the custom-designed Four Seasons Jet, featuring 48 handcrafted seats constructed of Italian leather and 6.5 feet (2 metres) of personal space including extended legroom and a plush ottoman. The Jet also features an interactive social space – the “lounge in the sky” – where guests can relax and connect with each other and learn from Four Seasons craftspeople on the brand’s exceptional artistic, wellness and culinary offerings.

The World of Wellness Jet Experience is one of many ways Four Seasons and Max have partnered to create immersive experiences and activations to celebrate The White Lotus around the globe. To learn more, please see here.

For more images, please see here.

About Four Seasons
Four Seasons opened its first hotel in 1961 and since that time has become a global leader in luxury hospitality and branded residential, with a focus on genuine and unparalleled service experiences. Four Seasons currently operates 133 hotels and resorts and 55 residential properties in major city centres and resort destinations in 47 countries. The company continues to grow with a guest-centric mindset, including a global pipeline of more than 60 projects under planning or in development. In addition to its hotels and resorts, Four Seasons experiential offerings include more than 600 restaurants and bars globally, the Four Seasons Private Jet Experience, Four Seasons Drive Experience, and the upcoming Four Seasons Yachts. Four Seasons consistently ranks among the world’s best hotels, resorts, restaurants and bars, and most prestigious luxury hospitality brand in reader polls, traveller reviews and industry awards. For more information and reservations, visit fourseasons.com. For the latest news, visit press.fourseasons.com. 

About the Four Seasons Private Jet Experience
All Four Seasons Private Jet itineraries travel aboard the custom-configured Four Seasons Private Jet. Designed by the same team that conceives the style and character of our hotels and resorts, the reimagined Airbus A321neo-LR offers exceptional, multi-destination journeys for 48 globetrotting travellers. All Four Seasons Private Jet itineraries include accommodations in Four Seasons hotels and resorts or, in remote locations, in accommodations carefully selected by Four Seasons. Additionally, guests travel with an expert Four Seasons journey team and onboard concierge who handle all trip logistics. To learn more about the Four Seasons Private Jet Experience and to continue exploring the custom-designed Four Seasons Private Jet, click here. For those looking to travel in 2025 and earlier in 2026, more upcoming itineraries can be found here.

The Four Seasons Private Jet Experience is operated by TCS World Travel, dedicated to delivering immersive, worry-free travel experiences for the globally curious luxury traveller. The aircraft is operated by Titan Airways Limited. For more information from the industry leader in Private Jet Journeys, click here.

About Max
Max is the premiere global streaming platform from Warner Bros. Discovery that delivers the most unique and captivating stories, ranging from the highest quality in scripted programming, movies, documentaries, true crime, adult animation, and live sports and news (where available). Max is the destination for prestigious entertainment brands such as HBO, Warner Bros., Max Originals, DC, Harry Potter, as well as iconic shows like Friends and The Big Bang Theory, all in one place.

About The White Lotus
New episodes of HBO’s Emmy®-winning series The White Lotus, from Mike White, debuts new episodes every Sunday on HBO and Max and follows a new group of guests at another White Lotus property. The series is created, written and directed by Mike White and executive produced by White, David Bernad and Mark Kamine.

• ・ANAHD will place new orders for a total of 77 new aircraft, including 68 confirmed orders and 9 options for small and medium size aircraft.
• ・ANAHD will order 18 Boeing 787-9 aircraft to expand international routes, an area of future growth.
• ・Twenty technologically advanced regional jets will be introduced for the first time for domestic routes to flexibly meet supply and demand.
• ・Three Airbus A321XLR aircraft capable of medium to long-haul operations will be ordered for Peach operations.

ANA (All Nippon Airways) Boeing 787-9 Dreamliner JA927A (msn 61528) (Inspiration of Japan) PAE (Nick Dean). Image: 962600.

TOKYO, Feb. 25, 2025 – ANA Holdings, Inc. (President and CEO: Koji Shibata; hereinafter “ANAHD”) today announced the decision to order 77 aircraft at the board of directors meeting.

In anticipation of future growth in passenger demand, including strong inbound demand, ANAHD has decided to proactively introduce competitive, technologically advanced aircraft for sustainable growth over the medium to long term. This will be achieved by renewing the fleet that was suspended due to the COVID-19 and placing additional orders for new aircraft. The total number of aircraft in the Group’s fleet, including those already ordered and those to be ordered, will be approximately 320 aircraft in FY2030, with approximately 120 Boeing 787 series aircraft. As a result, the ratio of fuel-efficient aircraft will increase to 91%, contributing to environmental measures.

For ANA-branded international routes, in anticipation of strong Asia-North America demand and the re-expansion of Narita International Airport, ANAHD will order 18 Boeing 787-9 aircraft (with GE engines). We will build a foundation for sustainable growth by aggressively introducing new aircraft to international routes, which is the growth area of our business. Compared to FY2023, available seat kilometers (ASK) on international routes is expected to increase by approximately 1.5 times in FY2030.

For ANA-branded domestic routes, in order to adapt to future changes in the business environment, ANAHD will order 20, 100-seat class Embraer E190-E2 aircraft (15 confirmed orders and 5 options) for the first time in Japan. By introducing the latest engines and technologies, ANA-brand will achieve low fuel consumption and noise emissions, and will also reduce operating costs in pursuit of a flexible supply-demand balance on domestic routes over the medium to long term. This aircraft is scheduled to be introduced in FY2028.
In addition to the above, ANAHD will place an order for 14 additional Airbus A321neo aircraft and 12 Boeing 737-8 aircraft (8 confirmed orders and 4 options) to update the current fleets.

Peach will update some of its current fleet with 10 Airbus A321neo aircraft and 3 Airbus A321XLR aircraft, which has superior fuel efficiency and long flight range, to support further growth of the ANA Group.

Apart from the above, ANAHD has also finalized options for 5 Boeing 787-9 aircraft, announced on February 25, 2020, and 10 Boeing 737-8 aircraft, announced on January 29, 2019.

With this aircraft order, ANA Group will promote both the expansion of its international operations and the optimization of supply and demand for domestic flights. We will strive to enhance corporate value by maintaining safety as the foundation of management, improving quality and service from the customer’s perspective, and enhance profitability while being conscious of the capital cost to meet the expectations of our shareholders.

Koji Shibata, President and CEO of ANA Holdings comment:
This order will be the catalyst for improving the profitability of domestic flights and the expansion of international flights which is an area of future growth of our airline business. We will fully utilize this opportunity in order to become an industry-leading airline with sustainable growth.