In collaborationWORLDwith KearneyECONOMICFinancing SustainableAviation Fuels:Case Studies and Implicationsfor InvestmentWHITE PAPERImages:Getty ImagesContentsForeword3Executive summary41 Capital requirements to meet 2030 demand61.1 Capacity requirements to meet 2030 demand for SAF61.2 Cost requirements by pathway101.3 Investment needs to meet 2030 demand132 The project lifecycle and funding needs of a SAF refinery142.1 Overview of the SAF project lifecycle142.2 Fundraising challenges across the project lifecycle163 Levers for attracting more funding into a SAF production facility19Lever 1 Apply for research/innovation grants to develop20first-of-a-kind facilitiesLever 2 Leverage local expertise of multilateral developmentbanks to navigate developing marketsLever 3 Secure guarantees or insurance instruments23to enhance credit profileLever 4 Attract strategic industry investors to build25an ecosystem for future scaleLever 5 Secure long-temm offtake agreements to pass FID26Lever 6 Engage in book-and-claim to facilitate investments29Lever 7 Attract private equity capital to achieve rapid expansion32Lever 8 Attract infrastructure investors to access cheaper capital33Lever 9 Structure investment through a toller model35Lever 10 Issue green bonds to attract impact investors36Conclusion38Contributors40Endnotes42Disclaimeras a contribution to a project,insight area or interaction.and endorsed by the World Economic Forum but whoseEoonomic Forum,nor the entirety of its Members,Partnersor other stakeholders.Financing Sustainable Aviation Fuels 2