Commercial, Sourcing Renewables - June 23, 2023
Bank of America Joins SAF Program
Bank of America joined the sustainable aviation fuel (SAF) program operated by American Express Global Business Travel (Amex GBT) and Shell Aviation.
In 2022, the program was launched with 1 million gallons of SAF available for corporate customers, sufficient to power nearly 15,000 business trips from London to New York. The program is operated on the Avelia platform and is a blockchain-powered digital SAF book-and-claim solution for business travel.
SAF will decarbonize air travel, but it currently consists of less than 0.1% of available aviation fuel and is two-to- eight times more expensive than conventional fossil-based jet fuel. Amex GBT and Shell Aviation’s program aims to scale SAF supply and demand and has gained momentum with participants such as Aon, Cathay Pacific, JetBlue, and Delta.
“This is another step Bank of America is taking to reach our goal of having SAF account for at least 20% of our annual employee air travel by 2030,” said Beth Sullivan, Head of Global Corporate and Executive Travel at Bank of America, in a statement. “By purchasing SAF and working with other companies, we are taking more tangible steps to help build a more affordable and accessible sustainable aviation fuel market.”
Bank of America SAF purchases this year through Avelia and the Sustainable Aviation Buyers Alliance continue the bank’s commitment to mobilize $2 billion in sustainable finance for SAF production of 1.2 million gallons of SAF per year beginning 2025. The bank has a $1.5 trillion, 10-year sustainable finance commitment to help drive progress on environmental and social issues.
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