Month: August 2023

In just five months, the United Airlines Ventures Sustainable Flight Fund SM increased in size to nearly $200 million and welcomes American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines, and JetBlue Ventures

Fund was launched in February to rally businesses and consumers to support the supply of sustainable aviation fuel (SAF) – more than 60,000 customers have contributed

CHICAGO, August 10, 2023 /3BL/ — The United Airlines Ventures Sustainable Flight Fund – a way for companies and consumers to come together and increase the supply of sustainable aviation fuel (SAF) through the support of start-ups – has increased its investment power to nearly $200 millionand added eight new corporate partners, five months after its initial launch.

American Express Global Business Travel, Aramco Ventures, Aviation Capital Group, Bank of America, Boston Consulting Group, Groupe ADP, Hawaiian Airlines and JetBlue Ventures, will join inaugural fund partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell.

United customers also have the option to contribute to supplement the airline’s investment in the UAV Sustainable Flight FundSM when they book flights. Since the fund launched, more than 60,000 United customers have contributed a total of more than $200,000.

SAF is an alternative to conventional jet fuel that, on a lifecycle basis, reduces greenhouse gas (GHG) emissions associated with air travel compared to conventional jet fuel alone. To date, United has invested in the future production of over five billion gallons of SAF – the most of any airline in the world.1

“While United can’t decarbonize the airline industry alone, we can use our leadership and credibility in this space to rally others to join us,” said United Airlines Ventures President Michael Leskinen. “Our new and inaugural participants demonstrate the impressive commitment within aviation and beyond to reduce our carbon footprint and combat the threat of climate change. As companies across the globe are increasingly looking for ways to reduce their environmental impact from flying, the UAV Sustainable Flight Fund presents a unique opportunity – instead of fighting over the current limited supply of SAF, with our partners, we’re working collaboratively to help scale the SAF industry itself, and to get an equity stake in groundbreaking technology while doing it.”

United will continue to recruit corporations across industries to join the fund and will prioritize investment in new technology, advanced fuel sources, and proven producers – all in an effort to help scale the supply of SAF. Partners also have the potential to gain preferential access to environmental attributes associated with United’s future supply of SAF.

SAF, which currently must be blended with conventional jet fuel to meet regulatory requirements for use within the aircraft, is being made from used cooking oil and agricultural waste, and, in the future, could be made from other feedstocks including household trash or forest waste. Through the UAV Sustainable Flight Fund, United intends to invest in a variety of SAF feedstocks and technologies. With the right policy incentives to produce SAF, United’s efforts could help build a future of sustainable flight.

UAV Sustainable Flight Fund

The UAV Sustainable Flight FundSM launched with more than $100 million in investments from United and its inaugural partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell. Through the fund, these partners and additional corporate participants will invest alongside United in SAF technology and production start-ups identified by United. In the past two years alone, United Airlines Ventures has already made investments in or signed purchase agreements with companies using a variety of ingredients and technologies to produce SAF, including feedstocks like ethanol, animal byproducts, forestry and crop waste, and municipal waste, as well as early-stage, promising technologies like synthetic biology and power to liquids, incorporating renewable power, hydrogen and carbon capture processes. United Airlines Ventures has moved selected existing SAF investments into the UAV Sustainable Flight FundSM to establish the fund’s portfolio.

Consumer Awareness and Call to Action

As part of the fund launch, consumers booking through United for travel within or from the U.S. have an option to contribute to supplement United’s investment in the UAV Sustainable Flight FundSM before check-out. Customers have the choice to contribute $1, $3.50 or $7.00. Since the launch, more than 60,000 United customers have contributed for a total of more than $200,000.

The default option for customer contributions is set at $3.50 to illustrate the potential impact of customer action at scale: if the 152 million people who flew on United in 2022 each contributed just $3.50 to the UAV Sustainable Flight Fund, that would be enough to design and build a SAF refinery capable of producing as much as 40 million gallons of alternative fuel annually.2

United’s Commitment to Net Zero Emissions by 2050

United aims to be 100% green by reducing its greenhouse gas emissions by 100% by 2050, without relying on traditional carbon offsets. In addition to the UAV Sustainable Flight FundSM, United has launched a SAF purchasing program called the Eco-Skies Alliance and established a venture fund – United Airlines Ventures – to identify and invest in companies and technologies that can decarbonize air travel. These strategic investments include carbon capture, hydrogen-electric engines, electric regional aircraft and air taxis. In May 2023, United received validation of our 2035 near-term emissions reduction target from the Science-Based Targets Initiative (SBTi) to reduce our carbon intensity 50% from a 2019 base year. This year, United became the first U.S. airline to show customers an estimate of each flight’s carbon footprint in their search.

About United

At United, Good Leads The Way. With U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers and is now the largest airline in the world as measured by available seat miles. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol “UAL”.

United Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, plans and projections regarding the company’s environmental, social or governance (ESG) goals, targets, commitments, strategies and initiatives and related business and stakeholder impacts. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about our future plans, objectives, goals, targets, commitments, strategies and initiatives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause our future plans, objectives, goals, targets, commitments, strategies and initiatives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, any failure to meet stated ESG goals, targets, commitments, strategies and initiatives in the time frame expected or at all as a result of many factors, including changing societal, market, competitive, regulatory or stakeholder expectations, and any delay or inability of United Airlines or the United Airlines Ventures Sustainable Flight Fund (the “SFF”) to realize the expected benefits of the investments, including from a delay or failure of any project to be fully developed or become operational or to produce sustainable aviation fuel or other ESG-related product in the amounts contemplated or at all, or from a delay or failure of any technology to be fully developed or become functional or marketable or to serve the purpose for which it was designed, or a failure of the SFF to achieve any return on an investment by the SFF, or a realization of a partial or total loss of any investment by the SFF. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect United’s business and market, particularly those identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections in United’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. Risks and uncertainties related to United’s environmental compliance, climate commitments and climate strategy are further described in Part I, Item 1A. Risk Factors of United’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022—”We are subject to many forms of environmental regulation and liability and risks associated with climate change and may incur substantial costs as a result. In addition, failure to achieve or demonstrate progress towards our climate goals may expose us to liability and reputational harm.”

The statements included in this press release are made only as of the date of this press release and except as otherwise required by applicable law or regulation, United Airlines undertakes no obligation to publicly update or revise any statement, whether as a result of new information, future events, changed circumstances or otherwise. In particular, United Airlines reserves the right to change, amend, supplement or abandon some or all of the statements regarding goals, targets, commitments, strategies, initiatives, intentions and other statements from time to time without notice.

In addition, some of our disclosures in this press release are estimates or based on assumptions due to inherent measurement uncertainties. For example, United’s statement that it has already invested in the future production of more than five billion gallons of SAF – the most of any airline in the world is based on publicly announced future purchase agreements for SAF of certain airlines as of the date hereof. The use of words such as “partnered,” “partnering,” “partner” and variations of such words in this press release is not intended to and shall not be construed to imply that a legal partnership relationship exists between United and any other company.

1 Based on publicly announced airline offtake agreements for future purchases of SAF. 
2 United derived these approximated figures based on an illustrative capital expenditure benchmark of $200,000 per barrel per day to build a SAF production facility.

August 10, 2023 /3BL/ – Many food companies have begun looking to their supply chains for help in reaching their own emissions targets, offering incentives to their suppliers and, in particular, the farms with which they do business. A new study by the Markets Institute at World Wildlife Fund provides a landscape analysis of the types of incentive programs implemented by more than 20 companies across the industry. With more than 70% percent of food-related GHG emissions stemming from agricultural practices, companies that have set ambitious climate targets are increasingly proposing programs designed to shift behavior on farms.

“Incentives at the Farm: How Companies Are Moving from Setting Climate Targets to Delivering on Them,” draws from interviews with more than 90 experts from corporations, industry associations, and civil society groups. The report describes the variety of tactics companies are employing to reach farm-relevant sustainability outcomes, including price premiums, financing, knowledge sharing, new products or markets, and contracting. The report does not endorse any specific tactics or companies, but rather provides a state-of-play analysis to guide others in similar efforts.

“Farmer-focused incentives are a necessary tool for shifting behavior at the source of most food-related greenhouse gas emissions,” said Dr. Emily Moberg, Director of Scope 3 Carbon Measurement and Mitigation, a co-author of the study for the Markets Institute at WWF. “With only seven harvests left in which to reach our 2030 climate goals, companies must deploy effective incentives and retire ineffective ones on a much broader, faster scale.”

The study highlights factors such as shareholder pressure and governments setting climate targets, which have increasingly incentivized companies to engage in climate mitigation tactics. More than 110 national governments have set climate targets, for example, and shareholders have been putting forth proposals for environmental disclosures and progress by publicly traded companies.

“Developing and deploying incentives to address Scope 3 GHG emissions is no small feat, especially for the food sector,” said Katherine Devine, Director of Business Case Development at the Markets Institute and a co-author of the study. “With regional differences, crop and farmer diversity, thousands of products in some supply chains, and other challenges, there is no one-size-fits-all solution. We need to learn faster to address climate change’s existing and growing impacts.”

For companies in the food sector, a substantial amount – often more than 90 percent – of their emissions are Scope 3, originating in their supply chains. For companies with ambitious climate targets, including limiting warming to 1.5 degrees C by 2030, the big question is how those targets will be achieved.

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Supporting Quotes:

“McCormick & Company has committed to achieving net zero emissions by 2050. In the near-term, we have set goals aligned with the Paris Agreement and verified by the Science Based Target initiative which include a 42% reduction in our Scope 3 emissions by 2030. Like many companies with a global supply chain, our greatest opportunity is Scope 3 emissions, which account for over 90% of our carbon footprint. Since these emissions are not under McCormick’s direct control, it is imperative for us, and other companies, to work in partnership with our suppliers to address this challenge. By incentivizing them to participate, we can drive impact at scale in a targeted and efficient manner, benefitting all stakeholders including the planet we all share.”
–Michael Okoroafor, Chief Sustainability Officer, McCormick & Company

“We believe that farmers are the original stewards of the land, and as the stewardship needs of our industry evolve and we begin measuring and influencing Scope 3 emissions, farmers are being called on to do more. Truterra is honored to be involved in programs such as the Land Stewardship Project that recognize the need to provide incentives to farmers to help offset the costs and risks associated with the adoption of conservation practices.”
-Tom Ryan, President, Truterra, LLC

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Media Contact

Lorin Hancock, Lorin.Hancock@wwfus.org 

Additional resources

Social media toolkitBlog: Reducing GHG Emissions Through Farm Level Incentives

Notes

Inclusion in the paper does not indicate that WWF endorses a particular brand or its approach to communications about a sustainability program, or a recommendation of specific agricultural practices. The study was funded by the Gordon and Betty Moore Foundation.

The Markets Institute at WWF identifies global issues, trends, and tools around some of the most pressing challenges of our time, including the production of food in the 21st Century. Our goal is to increase the speed and scale of solutions to ensure the sustainability of our future food and soft commodities. For more information, go to marketsinstitute.org.

About WWF

WWF is one of the world’s leading conservation organizations, working in nearly 100 countries for over half a century to help people and nature thrive. With the support of more than 5 million members worldwide, WWF is dedicated to delivering science-based solutions to preserve the diversity and abundance of life on Earth, halt the degradation of the environment and combat the climate crisis. Visit http://www.worldwildlife.org to learn more, and keep up with the latest conservation news by following @WWFNews on Twitter and signing up for our newsletter and news alerts here.

DES MOINES, Iowa, August 10, 2023 /3BL/ — Principal® Foundation, a global nonprofit committed to helping people and communities build financially secure futures, is launching Money Chronicles: A Story Initiative that is using the power of storytelling to help destigmatize and encourage conversations about money and personal finances. The initiative is kicking off with a national short story contest that invites people to share imaginative and meaningful short stories that reflect lived experiences with money.

The contest is hosted in collaboration with The Center for Fiction, a national literary nonprofit, and Short Édition, a global publishing house. Stories can be submitted online until August 31, 2023, 11:59 pm PDT at http://principal-foundation.short-edition.com. The initiative will also make the finalist stories accessible to the public by installing Short Story Dispensers™ in libraries, bookstores and cafes in New York, N.Y., Los Angeles, Calif., Seattle, Wash., Charlotte, N.C., and Iowa City, Iowa. Visitors simply press a button on the dispenser to print a short story to enjoy.

“People develop narratives around money and personal finance based on familial experience and those narratives tend to impact their relationship to money and inform their financial decisions throughout their lives,” said Jo Christine Miles, director, Principal Foundation and Community Relations, Principal®. “This contest is a way to inspire people, through the universal, human art of storytelling, to reimagine their narrative, resolve any struggles and, ultimately feel more comfortable having more robust financial conversations that advance their financial goals.”

Conversations about money are typically driven by people’s perceptions of their own personal finances and experiences growing up. A new survey of 3,000 Millennial and Gen Z Americans conducted by YouGov and commissioned by Principal Foundation, reveals that like social media, conversations about money are usually only showing one aspect of personal finance, avoiding more comprehensive and candid conversations.

Millennials and Gen Z are most comfortable sharing information related to salary or income. Less is being shared about topics, such as savings, debt, and investments.

72% will talk about salary/income.60% will talk about savings or debt.54% will talk about mortgage or rent.49% will talk about investments.

Millennials and Gen Z have underlying fears of being judged about their money habits.

More than 40% fear being judged for their habits or earning level.Nearly one-third do not want it to create social tension with friends or family.30% do not want to seem materialistic or like they are bragging.

Financial habits witnessed growing up can lead to anxiety and control issues around money later in life.

More than half of Millennials and Gen Z continue with the same financial habits they witnessed growing up.40% agree that the financial situation they grew up in has led to issues controlling their spending.52% agree the financial situation they grew up in led to worries about having enough money even when they are financially stable.

Millennials and Gen Z underutilize financial products such as retirement accounts, investment accounts, and protection products due to disinterest or reasons other than lack of funds.

Only 33% report having retirement savings or life insurance.38% report not having retirement savings due to disinterest or reasons other than lack of funds.50% report not having investment accounts due to disinterest or reasons other than lack of funds.

Women are more likely to share financial information with their partners than men.

73% of women will share information about salary or income compared to 65% of men.60% of women will share information about debt compared to 54% of men.57% of women will share information about mortgage or rent compared to 47% of men.

By reading stories presenting diverse financial situations, views and approaches to personal finance, this story initiative is designed to encourage people to reconsider their own situations and habits, engage in more candid conversations with those they trust, and develop more robust plans to attain the financial security they seek.

Entering the contest is free, and 30 finalists will be selected by an esteemed panel of literary authors and experts including Mahogany L. Browne, Ava Chin, Novella Ford, Sidik Fofana, Xochitl Gonzalez, Alvin Hall, Erika L. Sánchez, Ashley Woodfolk, and Judy Zuckerman.

Finalists will receive $250 and have their stories distributed through Principal Foundation’s network of story dispensers, which can be found at New York Public Library in New York, N.Y.; Sip & Sonder in Los Angeles, Calif.; Charlotte Mecklenburg Library in Charlotte, N.C.; and renowned independent bookstores in Seattle and Iowa City, the only UNESCO Cities of Literature in the United States, Elliott Bay Book Company in Seattle, Wash. and Prairie Lights in Iowa City, Iowa.

Stories from the finalists will also be considered for publication in Short Edition’s global network of more than 300 story dispensers located in airports, public transportation hubs, retail centers, and other locations around the world.

Terms and conditions apply. Adults ages 18 and older are encouraged to submit original fiction or creative nonfiction stories through the contest website now through August 31, 2023, 11:59 pm PDT. Finalists will be announced in October. For more information about Money Chronicles: A Story Initiative Supported by Principal Foundation and details on how to enter, please visit http://principal-foundation.short-edition.com.

About Principal® Foundation 
Principal Financial Group Foundation, Inc. (“Principal Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so. Established in 1987, Principal Foundation works with organizations that are helping to shape and support the journey to financial security by ensuring access to essential needs, fostering social and cultural connections, and promoting financial inclusion. Principal Foundation funds a growing network of more than 140 charitable organizations in 25 countries and territories. 3044907-082023

About Short Édition 
Short Édition is an international publishing house specializing in short fiction and creative non-fiction. With a vision to make literature accessible to all, Short Édition places a wide range of short stories – spanning fiction, poetry, comic strips, and children’s stories – directly into the hands of readers worldwide. The company is renowned for creating the innovative Short Story Dispenser™, a simple yet impactful way to connect with readers, delivering printed stories at the touch of a button. Having proudly dispensed over 7 million short stories across five continents, authored by more than 10,000 independent writers, Short Édition continues to redefine the reading experience. To learn more, visit https://short-edition.com.

About The Center for Fiction

The Center for Fiction is a literary nonprofit that brings diverse communities together to develop and share a passion for fiction. Founded in 1821 as the Mercantile Library of New York in Manhattan, the organization is now based in the heart of the Brooklyn cultural district, with a 18,000-square-foot facility that offers New Yorkers an immersive cultural experience centered on reading and writing. Throughout the year, The Center for Fiction provides a vast array of public programming, reading groups, and writing workshops. The First Novel Prize and Emerging Writer Fellowships help build literary careers, and KidsRead/KidsWrite programs inspire an early love of reading and writing in public school students with author-led events. In recent years, the organization’s programming has expanded to include storytelling in all its forms, integrating music, theater, dance, film, television, and the visual arts into its exploration of the best of fiction throughout history and today.

Media Contact: Taylor Madigan, taylor.madigan@ruderfinn.com

SOURCE Principal Foundation