According to a research released on March 10, the aviation sector has to take “immediate action” to line with the world’s climate objective, including slowing growth in air travel and swiftly ramping up usage of sustainable aviation fuels.
Climate Action 100+, the world’s largest investor coalition urging corporations to reduce emissions quicker, stated in the study that the efforts were required to help limit global warming to 1.5 degrees Celsius over pre-industrial levels.
CA100+ said it was revising its views on the industry in light of a key analysis released last year by the International Energy Agency, which stated that significant reductions in fossil fuel consumption would be required to meet the mid-century objective.
The CA100+ study is anticipated to inform talks with business management by its 615 members, who manage more than $65 trillion in assets collectively, ahead of the upcoming season of annual general meetings.
The study emphasizes the need for a “substantial” rise in sustainable aviation fuel between now and 2030, noting the IEA’s prediction that 16 percent will need to come from advanced biofuels and 2 percent from synthetic fuels. In 2020, utilization was less than 0.1 percent.
Furthermore, CA100+ stated that corporate travel and long-haul leisure flights should be restricted at 2019 levels, with demand shifting to high-speed rail where practicable, in order to reduce emissions at half their anticipated 2050 level.
It also stated that aviation companies must reduce their own emissions rather than relying on carbon offsets to compensate for them.