JetBlue Invests in Sustainability Fund

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JetBlue Sustainability Investment (Credit: JetBlue)

JetBlue venture capital subsidiary JetBlue Technology Ventures is investing in TPG Rise Climate as the airline continues to grow its commitment to sustainable travel.

TPG Rise Climate is a multibillion-dollar investment fund that works with companies, entrepreneurs and scientists working on climate platforms across five sub-sectors, one of which is decarbonized transport. As part of the investment, JetBlue Technology Ventures (JTV) is joining the TPG Rise Climate Coalition, which aims to promote knowledge sharing and investment opportunities among its members.

TPG Rise Climate was launched in early 2021 and in July of last year said it closed on $5.4 billion of investments to its fund, with more than 20 companies involved in its sustainability efforts. According to Travel Weekly, the investment fund had raised $6.8 billion through February; JTV did not disclose how much it is contributing but said that it was significant.

The airline industry contributes nearly 3% of the world’s greenhouse gas emissions, which has led to initiatives such as the World Economic Forum’s Target True Zero imitative that is advancing zero emission technologies such as electrification and hydrogen.

JetBlue has increased its use of sustainable aviation fuel as airlines have committed to achieve net zero by 2050. The airline also began a program that uses data to track travel emissions and shares that information with its Sustainable Travel Partners program.

Other travel sustainability efforts have materialized, including Google joining Travalst with an aim to track carbon emissions of air travel, as well as updating its search tools to show the sustainability efforts in the travel industry.

JTV’s goal is to position JetBlue with startup-led projects that help the airline build toward its net zero goals. The firm does this by investing in technology focused on measuring and reducing emissions, improved environmental protections, and transportation powered by alternative propulsion systems.

JTV has four active investments in sustainable climate technology, including with Universal Hydrogen and Joby Aviation.

Environment + Energy Leader