Sustainable Aviation Fuel (SAF) is widely viewed as the most viable way to cut aviation emissions. But despite this momentum, one major challenge continues to hold back large-scale deployment: bankability.

Many SAF projects still struggle to secure low-cost debt, even when offtakers are willing to commit. This playbook lays out five practical insights to help buyers, developers, and financiers design offtake structures and supporting infrastructure that make SAF projects more investable:

1. Corporate clients enable risk-sharing and unlock scale. Thanks to book and claim systems, new buyers are beginning to step up with firm, multi-year commitments. Continued collaboration on commercial contract innovation can further improve project bankability.
2. Contracts should give lenders what they need. Policy risk buffers, standardized product requirements, and long-term, take-or-pay offtake structures with creditworthy counterparties all play a role in attracting project financing.
3. Book and Claim transfer can power SAF deals. Robust, transparent EAC tracking is essential for investors to count on cash flows. Existing platforms like RSB and the SAFc registry are a starting point, and continuing initiatives to standardize transfers will build market confidence.
4. Tradability is the goal, not commoditization. SAF projects that provide greater carbon intensity reductions or provide additional sustainability outcomes should be able to both reap and distribute the benefits of their innovation.
5. Contracted cashflow stability for both EACs and physical fuel is critical. Savvy commercial agreements can create cashflow stability for two of the biggest revenue streams available to SAF projects, and there are blue skies for contract innovation in the sector.

This document provides design principles that stakeholders can use to build a SAF contracting ecosystem that supports real long-term investment. With better alignment across the value chain, we can mobilize capital faster and accelerate the transition to low-carbon aviation.

Acknowledgements

We would like to thank our colleagues at RMI who have contributed to this work. In particular, Andrew Chen, Claire Dougherty, Chiudo Ehirim, Sarah Mendelsohn, Aamir Shams, and Hartej Singh each played a vital role in shaping the research and ideas presented in this report.

We also thank Amelia Danjoux and Josh Garton from the Green Finance Institute and Gill Alker from the Roundtable on Sustainable Biomaterials for their input and knowledge contributions. Finally, we would like to thank our strategic partners at financial institutions for their support and thoughtful review. Their guidance and engagement throughout the development of this work have been invaluable, ensuring its relevance and impact.