ETS Carbon trading update from editorial comment yesterday
4th January 2012
International Airlines Group (IAG) is planning to make additional investment in Nova Pangaea Technologies (NPT), an innovative UK-based cleantech company whose technology is a crucial pathway to the production of Sustainable Aviation Fuel (SAF). This investment is in addition to IAG's $865 million commitment to SAF as of 2022.
IAG's investment will progress the development of 'NOVAONE', NPT's first waste-to-fuel commercial-scale production facility, and first of its kind in UK.
"Sustainable Aviation Fuel is the only realistic option for long haul airlines to decarbonise, which is why investment in this area is so critical,” said Luis Gallego, chief executive officer, IAG. “At IAG, we have set a goal to use 10% SAF by 2030. And we are not just buying SAF, we are willing to invest in developing the industry, but we need governments in the UK and Europe to act now to encourage further investment."
Sarah Ellerby, chief executive, Nova Pangaea Technologies, added: "This is a transformational milestone, and a real endorsement of the crucial work Nova Pangaea Technologies is doing. We are delighted to be adding IAG – one of the foremost names in the aviation industry - to our shareholder register.
"Our facility will be the UK's first commercial plant of its kind, but we also see enormous potential in the North American market. We have set our sights in delivering a sustainable source of SAF to decarbonise the aviation sector, not just in the UK, but globally too,” Ellerby added.