Avolon says $4t needed to transform global jet fleet

Global aviation needs $4t over the next 20 years to fund new commercial deliveries and transform the world's fleet to reduce emissions, leasing firm Avolon said on Tuesday. Airlines and leasing companies will take delivery of 44,300 commercial passenger aircraft by 2042, of which approximately half will be for replacement and half for growth, the world's third-largest aircraft lessor said. The world's commercial passenger aircraft fleet is set to nearly double to 46,880 aircraft by 2042, the Dublin-based firm predicted. Its new report comes ahead of the June 19-25 Paris Airshow where aerospace companies will highlight plans to reach an industry-wide target of net zero emissions by 2050, while wrestling with short-term supply chain problems. To reach the net zero goal, the industry needs to decouple its environmental impact from rising travel demand, which is expected to grow at 3.5% compared with GDP growth of 2.5%, Avolon said. Environmental critics say such rapid growth of commercial aviation is at odds with its objectives to curb emissions. Its new report comes ahead of the June 19-25 Paris Airshow where aerospace companies will highlight plans to reach an industry-wide target of net zero emissions by 2050, while wrestling with short-term supply chain problems. To reach the net zero goal, the industry needs to decouple its environmental impact from rising travel demand, which is expected to grow at 3.5% compared with GDP growth of 2.5%, Avolon said. Environmental critics say such rapid growth of commercial aviation is at odds with its objectives to curb emissions.<br/>