Sustainability News Round-up October 2022
ALI unveils its Sustainability Charter
Aircraft Leasing Ireland unveiled its Sustainability Charter, the first set of #ESG and climate-aligned principles for the aviation industry promoting collaboration and ambition amongst the lessor community. More than 30 ALI member companies took the stage to sign the Charter and demonstrate their commitment to the path to net zero by 2050. Speaking on stage Marie-Louise Kelly, Chair of Aircraft Leasing Ireland, said, “With our first-ever Global Aviation Sustainability Day, we want to inspire attendees, wherever they are on their ESG journeys in their respective organizations, to set ambitious sustainability objectives and to seek opportunities to collaborate across the industry.
PACE was proud to be a sponsor of the event. Calculating the carbon emissions of international delegates flights, we offset these by buying and retiring high quality carbon offsets sourced from SMBC Aviation Capital.
ICAO adopts a long-term aspirational goal of net-zero
Following a decade of negotiations, the International Civil Aviation Organisation (ICAO) has adopted a collective long-term aspirational goal (LTAG) of reaching net zero carbon emissions for international aviation by 2050.
EU discusses phase out of free allowances under ETS
Meanwhile trialogue negotiations between the EU Commission, Council and Parliament concerning amendments to EU ETS aviation have commenced, with discussions including the phase out of free allowances by 2027. Talks also concerned inclusion of CORSIA within EU ETS monitoring, and reporting and verification and the mandatory use of Sustainable Aviation Fuels (SAF) under RefuelEU proposals.
Ishka – now “powered by PACE”
We are delighted that Aviation Insights & Analytics firm Ishka is now incorporating carbon emissions data “powered by PACE” in its reports, enabling its team of professionals to further cut through the noise with critical aviation finance data and market intelligence that matters.
Aviation Carbon 2022 covers regulation, offsets and role of SAF
This three-day conference in London in mid-October included aviation emissions regulation, offsetting and SAF. Barry Moss from PACE moderated a panel discussion on Climate Aligned Aircraft Finance, with Emi Mima from IATA, Jordan Shorto from UK Export Finance, Gene Levitin from Natixis, Ulrike Zeigler from Impact-on-Sustainable-Aviation, and James Collins from Stephenson Harwood.
UNEP publishes emissions gap report
The UN Environmental Programme published its report The Closing Window for 2022, which states that time is rapidly running out if the Paris Agreement’s long-term temperature goal of limiting warming to well below 2°C (preferably 1.5°C) stands any chance of being met. The report concludes that to limit global warming to 1.5°C requires a 45 per cent cut in greenhouse gas emissions by 2030.
ISSB unanimously agrees to include Scopes 1, 2 and 3
The International Sustainability Standards Board (ISSB) of the IFRS Foundation, has unanimously agreed to include reporting on Scopes 1,2 and 3 emissions as part of required company disclosures under new standards being developed. Regulators in major jurisdictions around the world are preparing mandatory sustainability reporting requirements for companies which will be heavily influenced by the ISSB standards.