- Advertisement -spot_img
28.2 C
HomeBusinessEU infrastructure fund eyes African clean jet fuel projects

EU infrastructure fund eyes African clean jet fuel projects

- Advertisement -spot_img

The European Union (EU) is scouting Africa to back clean jet fuel projects under its Global Gateway infrastructure fund, an EU official said, ahead of an anticipated boom in demand for environmentally sustainable air travel.

The EU has pledged to dedicate half of its 300 billion euro ($324 billion) infrastructure plan, seen as a rival to China’s Belt and Road Initiative, to Africa.

The fund has already backed renewable plants, green hydrogen initiatives, vaccines and education projects in Africa, and the official said it was now looking into sustainable aviation fuel (SAF).

READ ALSO: Fidelity Bank records highest earnings per share on the NGX for H1 2023

“In the context of the Global Gateway, the Commission is currently looking into possible co-financing mechanisms and guarantee instruments,” said Stefan De Keersmaecker, a European Commission spokesperson.

“SAF production in the African continent has great potential.”

SAFs are low-carbon fuel alternatives for the aviation industry and can be made from various crops among other feedstock sources.

The EU will launch a 4 million euro capacity-building project by Dec. 31 to support SAF feasibility studies and certification in 11 African countries and India.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img