A United Airlines jetliner taxis to a runway for take off from Denver International Airport, Dec. 27, 2022. (AP Photo/David Zalubowski)
United Airlines is launching a venture fund designed to support startups that are working on making jet fuel more sustainable and decarbonizing air travel. Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell are also partnering in the effort.
"Solving climate change is doable but it requires hard work and real leadership," said United Airlines CEO Scott Kirby in a statement. "This fund is unique. It's not about offsets or things that are just greenwashing. Instead, we're creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch."
Over the past two years, United has invested in multiple companies associated with "sustainable aviation fuel" (SAF) such as Cemvita, Dimensional Energy, and NEXT Renewable Fuels. SAF is any jet fuel that produces fewer greenhouse gasses. Right now, these alternatives must be blended with conventional jet fuels to meet regulations. The goal is to increase this ratio.
United Airlines itself has invested in the future production of three billion gallons of SAF.
To accelerate the transition, United will give customers the option to contribute to the fund whenever they buy a ticket, with the first 10,000 contributes to receive 500 bonus miles. The default contribution is set at $3.50. At that rate, if all 152 million people who flew on United in 2022 contributed, United said it would generate 40 million gallons of alternative fuel annually.
Helping this effort along is a new tax credit through the Inflation Reduction Act, which United said will accelerate investments in SAF infrastructure and supply and help lower costs.
The company said it aims to be 100 percent green by 2050 without relying on carbon offsets.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
International Master Alice Lee defeated grandmaster Irina Krush to win the American Cup – becoming one of the best women players in the world in the process – but she’s not stopping there.
You can track your sleep habits or heart rate, but how about your brain? Neurable's MW75-Neuro headphones turn your focus and productivity into data you can use to avoid burnout – here's how they do it.
