*Low-cost airlines according to the IATA. Source: MSCI ESG Research and company disclosures. Data as of November 2023. Airlines included were those that we have collected revenue passenger kilometers (RPK) data for as of December 2023. SAF use in 2030 estimated using RPK of airlines as of 2022 and reported or estimated fuel use by airlines in 2022 multiplied by the fuel-use-to-RPK ratio compounded by a 3% growth rate up to 2030. The 3% rate is the ICAO estimation of growth in global air travel per annum. Fuel was converted from liters to metric tons using density value of 0.81 kilograms per liter for sustainable aviation fuel.