ESG Reporting in Aviation – A Year in Review

Key milestones in 2023 for aviation and sustainability

At PACE we are dedicated to supporting aviation stakeholders committed to carbon reduction, and 2023 was a standout year of significant milestones affecting ESG reporting in the aviation industry.

In this short review, the PACE team summarises all you need to know to help navigate these changes and to help assure you can meet your governance requirements.

Key milestones for Sustainability in Aviation

There were six pivotal updates to the legislation and regulation of greener aviation as follows:

 

April 2023: Fit for 55 – Adopted Revised EU ETS

The adoption of the revised EU Emissions Trading System (ETS) under the Fit for 55 initiative set the stage for enhanced carbon reduction efforts in the aviation industry, emphasising the urgency to address climate change.

Learn more about Fit for 55 >> 

June 2023: EU Taxonomy – Aviation as a Transition Industry

In June, the European Union categorised aviation as a transition industry in its taxonomy. This recognition highlights the sector’s role in transitioning towards more sustainable practices, acknowledging the complexities involved in decarbonising aviation.

Learn more about EU Taxonomy >>

June 2023: ISSB – Sustainability Financial Reporting Standards (IFRS SDS)

The publication of sustainability financial reporting standards by the International Sustainability Standards Board (ISSB) marked a critical step in aligning financial reporting with environmental and social considerations, bringing greater transparency to the aviation industry.

Learn more about IFRS SDS >>

July 2023: Fit for 55 Adopted AFIR

The adoption of the Aviation Fuel Infrastructure Regulation (AFIR) in July reinforced the commitment to reshape the aviation industry’s fuel infrastructure, a crucial element in achieving Fit for 55.

Learn more about Fit for 55 >>

September 2023: Fit for 55 – Adopted ReFuel EU

The adoption of ReFuel EU in September emphasized the importance of cleaner aviation fuels in the industry’s decarbonisation efforts, promoting the use of alternative fuels as a key strategy.

Learn more about ReFuel EU >>

November 2023: ALI Global Sustainability Day

In November, the Aviation Leaders Industry (ALI) Global Sustainability Day brought together senior leaders and experts, fostering collaboration and knowledge-sharing to drive sustainability initiatives across the aviation sector.

Looking ahead to CSRD – Phase 1 begins

The Corporate Sustainability Reporting Directive (CSRD) will be implemented in three phases, the first of which begins now in January 2024.

csrd timeline

 

These phases will further enhance transparency and accountability within the aviation sector.

Learn more about CSRD >>

PACE: Your Trusted Strategic Partner for Carbon Reduction

As a global software platform and customer success programme, PACE is the go-to strategic partner for aviation stakeholders committed to carbon reduction. Trusted by industry leaders such as SMBC Aviation Capital, PACE plays a vital role in helping banks, lessors, investors, and export credit agencies to accurately meet their emissions reporting requirements, and to support their carbon reduction strategies, including building a platform towards sustainability linked finance.

Sustainability insights from PACE

Explore our PACE Academy for insights into sustainability regulations and much more. Ready to take the next step? Get a demo of PACE and see how carbon insights help drive business strategies that achieve CO2 reduction in alignment with Paris Agreement Net Zero.

Contact Us for a Demo

 

Key milestones in 2023 for PACE

This year was also notable for PACE with a series of awards and nominations, including:

October 2023: PACE Awarded Solar Impulse Efficient Solution Label

PACE’s innovative approach to emissions data management within the aviation sector earned it the prestigious Solar Impulse Efficient Solution Label, highlighting its commitment to transformative sustainability solutions.

Learn more about PACE’s Solar Impulse Efficient Solution Award >>

November 2023: PACE shortlisted for the Irish Times Innovation Awards for Sustainability 

Shortlisted for the esteemed Irish Times Innovation Awards for Sustainability, PACE stands as a key contributor to advancing sustainable innovation in aviation. 

Learn more about PACE’s shortlisting for the Irish Times Sustainability Award  >> 

Conclusion:

In 2023, the aviation industry witnessed advancements driven by proactive responses to regulatory shifts, such as the updated EU ETS and the acknowledgment of aviation as a transition industry under the EU Taxonomy. As you look to 2024, trust PACE as your strategic partner and let our team support yours as we strive towards a more sustainable future.

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