CANBERRA: Qantas, Australia's flag carrier, has announced a USD 200 million investment in the country's sustainable aviation fuel (SAF) industry, which aims to reduce carbon emissions.
According to the Xinhua report, the historic agreement is part of Qantas' ambition to shift to sustainable jet fuels (biofuels) and position Australia as a major exporter of SAF. "This investment will help establish a local biofuels industry in Australia, perhaps encouraging additional investment from governments and other businesses and building more momentum for the industry as a whole," Qantas CEO Alan Joyce said.
In the joint statement, Airbus CEO Guillaume Faury said, "Ensuring a sustainable future for our industry has become a priority for Airbus, and we are taking up this challenge with partners around the world and from all sectors."
The cooperation between Qantas and Airbus would be for five years at first, with the opportunity to prolong it. By 2030, Qantas has pledged to adopt 10% SAF in its entire fuel mix, increasing to 60% by 2050.
Biofuels can reduce greenhouse gas emissions by up to 80% when compared to standard jet fuel, making them an important tool for airlines looking to reduce their environmental effect.
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