In South Korea, national air carrier Korean Air has announced that it has signed a Memorandum of Understanding (MoU) with Hyundai Oilbank, a leading domestic petroleum, and refinery company regarding the manufacturing and usage of sustainable aviation fuel (SAF). Through the partnership, Korean Air hopes to not only counter climate change caused by the aviation industry through the use of SAF but also help commercialize SAF and explore other business opportunities.
According to a statement, Korean Air and Hyundai Oilbank will work to develop a foundation for biofuel manufacturing and its usage; explore opportunities for SAF usages in the market, raise awareness about SAF, and propose relevant policies.
In 2017, Korean Air used SAF for the first time and is also actively participating in the International Civil Aviation Organization (ICAO) and Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), as it continues to replace its fleet with eco-friendly and high-efficient aircraft.
