Saudi Aramco, ENI, United Airlines invest in UK-based low-carbon fuel venture

Saudi Aramco and Italy’s Eni have joined the world’s largest passenger carrier United Airlines to invest $22.7 million in British start-up OXCCU’s efforts to slash the prohibitively high cost of lower-carbon aviation fuel, the companies said on Wednesday.

Aviation produces around two percent of the world’s planet-warming emissions and the sector’s own targets to emit no more than can be absorbed by natural sinks like forests or other technologies by 2050.

The investment led by U.S.-based investor Clean Energy Ventures, will go to Oxford University-affiliated scientists at OXCCU, one of several companies that have been searching for ways to replace kerosene and gasoline in plane engines.