Energy Procurement, GHG Emissions, Industrial - September 29, 2016
American selects alternative jet fuel strategy partner
American Airlines has retained a boutique investment bank to help evaluate alternative jet fuels and identify the most promising companies and technologies, the company announced Sept. 28.
The major U.S. airline company, which recently received recognition for its efforts in sourcing biofuels, said in a news release that jet fuel is the most important component of its supply chain, and has recognized the need to make it more sustainable. American said in a news release that it selected Ocean Park to assist in that effort, noting the investment bank's expertise in the renewable fuels industry.
The airline said it is "encouraged by the pace of developments within the renewable jet fuel industry and is seeking opportunities to make binding commitments to reliably source fuel that meets specifications and is priced at or near market prices for traditional jet fuel." The company expects its work with Ocean Park to build on its prior efforts to advance renewable jet fuels through the Commercial Aviation Alternative Fuels Initiative and Airlines for America.
"As the world's largest airline and the largest global user of jet fuel, we are committed to sustainability and reducing our carbon footprint," American Airlines Managing Director of fuel and energy management Michael Baer said in a statement. "This is the right time to undertake a comprehensive review of the renewable jet fuel sector. We look forward to working with Ocean Park to leverage its industry relationships and understanding of this emerging industry."
The company said Ocean Park will engage with key entities in the advanced biofuels and renewable jet fuel sectors to assist American in further developing its renewable jet fuel strategy and identifying specific opportunities. A key focus of its effort will be commercialization timelines for alternative pathways to the production of renewable jet fuel.
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