Emirates funds airlines to reach net zero emissions with $199 million

Emirates Airline announced on Thursday that it is creating $199 million fund for research and development projects to reduce the use of fossil fuels in the aviation field, and help airlines reach net zero emissions.

“Our industry won’t be able to hit net zero targets in the prescribed timeline. We believe our industry needs better solutions, and that’s why we’re looking to partner with leading organisations,” said Tim Clark, Emirates President.

The Dubai government-owned airline will be distributing the fund over three years, while also aiming to use sustainable aviation fuel when possible, despite it being challenging to get on the market.

Emirates flew a Boeing 777 on a test flight with one of its two engines entirely powered by the fuel. The airline’s decision comes ahead of Dubai hosting the 2023 United Nations Climate Change Conference (COP28) this November.

Emirates also had a $2.9 billion profit, and a revenue of $29.3 billion.