The aviation industry resolves to be carbon neutral by 2050

The International Air Transport Association (IATA) on 4 October this year has committed to achieving net-zero carbon emissions by 2050. This is no small undertaking: it will require the co-ordination of all industry stakeholders to mitigate an estimated 1.8 gigatons of carbon at an estimated cost of 2 trillion USD. This commitment will align with the Paris Agreement goal for global warming not to exceed 1.5°C. Continue reading

European Commission publishes Steer Report on sustainable finance taxonomy for the aviation sector

On 12 March 2021, Steer published its final report entitled “Sustainable finance taxonomy for the aviation sector”. In this briefing, we consider the findings of the Steer Report and in particular its proposals for developing the technical screening criteria for aviation-related activities to be included in the EU Taxonomy Regulation. The extent to which these proposals will reflect the final technical screening criteria adopted by the European Commission remains to be seen. However, the Report’s objective approach – in particular, its recommendation that, in most cases, technical screening criteria should align with or exceed existing targets and standards set by ICAO – is likely to be welcomed by the aviation industry. Continue reading