UK Export Finance backs sustainable fuel to drive growth and cut emissions

UKEF announces measures at the Farnborough International Airshow this week to drive growth and decarbonisation across the aerospace sector.

From left to right: Ben Story, Interim Chair of Vertical Aerospace, and Ed Prince, Director of Large Corporates & International at UKEF

More UK-based sustainable aviation fuel production could be considered for UKEF financing support, helping to drive industrial growth and reduce emissions

Export credit agency signs partnerships with international defence giant Turkish Aerospace and British electric ‘air taxi’ manufacturer, Vertical Aerospace to support next-generation aircraft

Agreements will help boost UK industrial competitiveness, support high-value jobs across the country and accelerate the aerospace sector’s transition to cleaner flight

UK Export Finance (UKEF) has announced a series of measures at the Farnborough International Airshow this week to drive growth and decarbonisation across the aerospace sector.

In a major step, UKEF will broaden its eligibility criteria so that it can consider a wider range of financing options for UK-based sustainable aviation fuel (SAF) projects, opening the door to greater investment in the sector.

The export credit agency also signed agreements with international aerospace leader Turkish Aerospace and British air taxi pioneer Vertical Aerospace to help UK innovation reach global markets.

Jonathan Reynolds, Secretary of State for Business, Innovation, Science and Trade, said:

This government is laser-focused on bringing good growth to every corner of the country, and today we’re wasting no time in getting on with the job.

Aerospace is one of Britain’s great industrial success stories, supporting skilled jobs and innovation right across the UK, and this new support will harness the potential of not only our manufacturing base but our cutting-edge research and technology and deliver benefits for every postcode.

Tim Reid, CEO of UK Export Finance, said: