JetBlue invests in climate change investment fund to further SAF, decarbonization goals

JetBlue Technology Ventures, an investment arm of JetBlue Airways, has become a limited partner through investment in a fund owned by the TPG Rise Climate Coalition, as it seeks to help its parent company decarbonize operations, including the use of sustainable aviation fuel.

"TPG Rise Climate is deploying capital quickly to tackle the world's rising carbon emissions, and we are eager to work alongside their team to ensure that the future of travel is a sustainable one," JTV President Amy Burr said in an April 20 statement.

JTV invests in sustainable climate technology to help its parent company meet its net-zero goals.

TPG Rise Climate, part of the San Francisco-based Rise Fund group, is a multibillion-dollar investment fund focused on finding solutions to climate challenges by working collaboratively with stakeholders.

The Rise Fund was founded in 2016 by TPG in partnership with Bono and Jeff Skoll to help businesses achieve the United Nations' Sustainable Development Goals. TPG Inc is a global alternative asset management firm.

This news follows the announcement that JTV and JetBlue joined the Aviation Climate Taskforce, a nonprofit organization founded by 10 airlines and the Boston Consulting Group to accelerate breakthroughs in emerging technologies to decarbonize aviation.

To date, JTV has four active investments with a primary focus on sustainable climate technology. Its two most well-known portfolio companies are Universal Hydrogen and Joby Aviation, which is building an electrically powered passenger aircraft expected to begin operation in 2024.

JetBlue already has an offtake supply agreement with World Energy to supply 1.5 million gal/year of SAF to the Los Angeles airport. The three-year contract began in 2020.

SAF prices in California including the state's Low Carbon Fuel Standard credits as well as federal credits are averaging $7.61/gal so far for the week ending April 22, Platts assessments show. This is up from the $7.47/gal for the week earlier.