financetom
Business
financetom
/
Business
/
Airline group: We're cutting carbon more than people know
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Airline group: We're cutting carbon more than people know
Dec 12, 2019 6:21 AM

The head of the world’s main association of airlines says it needs to better explain commitments it made years ago to reduce carbon emissions, and not make new pledges collectively - despite rising environmental concerns.

Alexandre de Juniac, CEO of the International Air Transport Association, said perhaps “arrogance or blindness” led his group to focus on explaining its efforts to industry insiders, not the general public.

“What we have seen is that nobody is aware of our program,” he said in an interview at IATA headquarters in Geneva. “It's our fault, probably.”

The association made three big commitments on climate action since 2008. It pledged to improve fuel efficiency by an average of 1.5 percent per year between 2009 and 2020 - and IATA actually achieved 2.3 percent, de Juniac said. It’s pledging carbon-neutral growth starting next year. And it’s committed to cut emissions to half of the level in 2005 by 2050.

With concerns about global warming caused by excessive carbon emissions from the use of fossil fuels, de Juniac stopped short of recommending that IATA’s members - some 290 airlines - make new efforts together. The U.N.’s Intergovernmental Panel on Climate Change says aviation is responsible for 2 percent of global man-made carbon emissions.

EasyJet, which is not an IATA member, has announced carbon offsets for all its domestic and international flights. IATA members British Airways and Qantas have made similar commitments, de Juniac said.

He said airlines individually should decide whether to follow suit.

“What we don't want by any means is to make any commitments that we know in advance we are not able or that we are not comfortable (about), or not realistically ... able to stick to,” he said. “We are not liars ... We are not illusionists.”

The comments came at a presentation at which IATA said it projected the global airline industry will reap net profit of $29.3 billion in 2020. That is up from $25.9 billion expected this year, which has been marred by a US-China trade war and other international tensions that have dented economic growth.

IATA says the industry appears on track toward an 11th straight year of profits by the end of next year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fortis' Q1 Adjusted Earnings Increase, Revenue Decreases
Fortis' Q1 Adjusted Earnings Increase, Revenue Decreases
May 1, 2024
07:05 AM EDT, 05/01/2024 (MT Newswires) -- Fortis ( FTS ) reported Q1 adjusted earnings Wednesday of 0.93 Canadian dollars ($0.68) per share, up from CA$0.91 a year earlier. Analysts polled by Capital IQ expected CA$0.89. Revenue for the quarter ended March 31 was CA$3.12 billion, down from CA$3.32 billion a year earlier. Two analysts surveyed by Capital IQ expected...
Bombardier reveals NetJets as the buyer of 12 Challenger business jets
Bombardier reveals NetJets as the buyer of 12 Challenger business jets
May 1, 2024
(Reuters) - Canada's Bombardier said on Wednesday NetJets was the customer for the order of 12 Challenger 3500 business jets announced in December. At list prices, the order was valued at $326.4 million at the time of signing, but could amount to more than $6 billion if NetJets exercises its option for all 232 jets. Ahead of its investor day...
Amgen investors await weight-loss drug data
Amgen investors await weight-loss drug data
May 1, 2024
(Reuters) - Amgen ( AMGN ) investors eyeing dramatic share price gains for rivals with successful obesity drugs will be focused on any updates the biotech company may provide on its own weight-loss drug candidates when it reports quarterly earnings on Thursday. Amgen ( AMGN ) has said it expects to have first-in-human results from a small, early-stage trial of...
New York Community Bancorp posts first-quarter loss
New York Community Bancorp posts first-quarter loss
May 1, 2024
May 1 (Reuters) - New York Community Bancorp ( NYCB ) reported a loss for the first quarter on Wednesday, as the commercial real estate-focused lender increased its loan-loss provisions to cover possible defaults. The bank posted a loss of $327 million, or 45 cents per share, in the three months ended March 31. That compares with a profit of...
Copyright 2023-2026 - www.financetom.com All Rights Reserved