Aviation sector pushes EU for green investment status
The aviation industry is pushing to have new aircraft powered by jet fuel classified as a green investment under EU rules for sustainable finance, in what climate campaigners have described as a “huge act of greenwashing”. Environmental groups say the criteria for the sector being considered by the European Commission risk allowing conventionally powered planes to be considered as “best in class” sustainable investments despite their carbon dioxide emissions. The inclusion of aircraft in the EU’s “taxonomy for sustainable finance”, a framework designed to guide private capital into environmentally friendly activities, is being assessed by the commission. According to calculations by environmental campaign group Transport & Environment, due to be sent to policymakers on Friday, more than 90 per cent of the order book of Airbus, the world’s biggest aircraft manufacturer as measured by deliveries, could be considered green under criteria drafted by the EU’s advisory body on sustainable finance. The aviation industry argues investments in new planes should be considered sustainable even if they burn jet fuel because they produce fewer emissions per passenger than older models. The newest designs are up to 20% more fuel efficient than older aircraft, according to industry executives. Airbus has an order backlog of 7,239 aircraft, of which more than 80% are for its family of A320neo jets, equipped with new engines. Jo Dardenne, aviation director at T&E, said on Thursday that classing “slightly more efficient planes” as environmentally friendly amounted to a “huge act of greenwashing”. “These aircraft do reduce emissions — albeit only slightly — but cannot be rubber stamped as sustainable in the taxonomy,” she said. “The taxonomy should channel investments into true green aviation — that is, clean fuels and zero-emission aircraft.” The debate comes as European policymakers consider how to respond to the US Inflation Reduction Act, a package of incentives to encourage investment into green technologies. Europe’s aerospace trade industry body, the ASD, said on Thursday that including civil aviation in the EU taxonomy was “even more important” when the US was “providing substantial support to its own industry”. The industry is one of the hardest to decarbonise due to the cost and other limitations of alternative fuels. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-02-20/general/aviation-sector-pushes-eu-for-green-investment-status
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Aviation sector pushes EU for green investment status
The aviation industry is pushing to have new aircraft powered by jet fuel classified as a green investment under EU rules for sustainable finance, in what climate campaigners have described as a “huge act of greenwashing”. Environmental groups say the criteria for the sector being considered by the European Commission risk allowing conventionally powered planes to be considered as “best in class” sustainable investments despite their carbon dioxide emissions. The inclusion of aircraft in the EU’s “taxonomy for sustainable finance”, a framework designed to guide private capital into environmentally friendly activities, is being assessed by the commission. According to calculations by environmental campaign group Transport & Environment, due to be sent to policymakers on Friday, more than 90 per cent of the order book of Airbus, the world’s biggest aircraft manufacturer as measured by deliveries, could be considered green under criteria drafted by the EU’s advisory body on sustainable finance. The aviation industry argues investments in new planes should be considered sustainable even if they burn jet fuel because they produce fewer emissions per passenger than older models. The newest designs are up to 20% more fuel efficient than older aircraft, according to industry executives. Airbus has an order backlog of 7,239 aircraft, of which more than 80% are for its family of A320neo jets, equipped with new engines. Jo Dardenne, aviation director at T&E, said on Thursday that classing “slightly more efficient planes” as environmentally friendly amounted to a “huge act of greenwashing”. “These aircraft do reduce emissions — albeit only slightly — but cannot be rubber stamped as sustainable in the taxonomy,” she said. “The taxonomy should channel investments into true green aviation — that is, clean fuels and zero-emission aircraft.” The debate comes as European policymakers consider how to respond to the US Inflation Reduction Act, a package of incentives to encourage investment into green technologies. Europe’s aerospace trade industry body, the ASD, said on Thursday that including civil aviation in the EU taxonomy was “even more important” when the US was “providing substantial support to its own industry”. The industry is one of the hardest to decarbonise due to the cost and other limitations of alternative fuels. <br/>
