Airline alliance oneworld has partnered with Breakthrough Energy Ventures (BEV), a climate-focused investment firm, to launch a new fund aimed at promoting the development of alternative aviation fuels.

The fund aims to drive technology innovation to boost the production of alterative aviation fuels (also termed ¡®sustainable¡¯ aviation fuels or SAF) and to create a ¡°diverse and resilient¡± supply chain.

The fund has secured $150 million in its initial closing, with participation from cornerstone investors Alaska Airlines and American Airlines, both members of the oneworld alliance. Additional support was provided by International Airlines Group (IAG), Cathay Pacific, Japan Airlines ¨C also part of the oneworld alliance ¨C and Singapore Airlines, which is affiliated with the Star Alliance. BEV will serve as the fund¡¯s investment manager.

Eric Toone, BEV managing partner, said: ¡°The oneworld BEV Fund is built to identify and scale breakthrough SAF technologies that can deliver real emissions reductions for jet fuel, compete with fossil-based fuels on cost, and integrate seamlessly with today¡¯s aviation infrastructure.

¡°These are complex systems-level challenges that will take time to solve, and the fund is built with the long-term vision and staying power to help bring solutions to market.¡±

Oneworld CEO Nat Pieper added: "Our member airlines are united in their long-term mission to address carbon emissions and invest in technologies that can improve speed to market of innovative fuels across the globe. By working together, we¡¯ll be better positioned to create long-term solutions for the energy transformation of an industry that is vital to global economic growth.¡±