Emirates Chairman Tim Clark said fuel is the biggest obstacle currently preventing airlines from reducing their environmental impact.
“It is clear that with the means currently available to airlines in terms of reducing emissions, our sector will not be able to achieve net zero emissions targets in the time frame provided,” he added. .
The Dubai-based company said the money would be spent over three years and identify partnerships with fuel and energy technology organisations.
Clark said the company will adopt environmentally responsible practices while other fuel solutions are found, including the use of sustainable aviation fuels where appropriate.
The International Air Transport Association (IATA) estimates that sustainable production of aviation fuel worldwide will only cover 2% of aviation needs by 2025.
Sustainable aviation fuel is produced in small quantities from primary raw materials such as cooking oil and animal waste and costs between two and five times the price of conventional jet fuel.
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