“The COVID-19 pandemic has adversely impacted air travel worldwide. However, various airlines continue to seek sustainability particularly relating to the environment. In Europe its aviation sector recently detailed a way for it to reach net zero CO2 emissions by 2050. Singapore introduced the Carbon Pricing Act which came into effect in 2019. The national carrier, Singapore Airlines as a member of the International Air Transport Association (IATA), has committed to IATA’s recommendations to reduce the industry’s emissions in three stages a 1.5% improvement in fuel efficiency each year from 2009 to 2020; carbon-neutral growth from 2020; and 50% absolute reduction in carbon emissions by 2050. Without a viable substitute to fossil fuel being readily available to the aviation industry, achieving these goals would remain a challenge.”
– Rajaram Ramiah, Partner and Head of Aviation PracticeTo learn more about our newly launched Environment, Social & Governance (ESG) practice, click here.
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