There are numerous benefits associated with ESG in the aviation industry, including identifying and managing environmental and social risks and opportunities and building trust with investors and stakeholders.
FREMONT, CA: There is a growing movement towards sustainability in the aviation industry, but significant progress must still be made. The collaboration will be crucial to finding viable solutions. Airlines, aerospace manufacturers, and air navigation service providers must work together to make real progress. Nevertheless, the industry cannot accomplish this on its own. Funding, new policies, or investment initiatives from the government will be crucial to the success of green innovation.
The industry will be able to reduce emissions with the help of technology. Airspace structure and function should be redesigned, as well as sustainable aviation fuels and more fuel-efficient aircraft. With the industry moving away from fossil fuels entirely, electric aircraft may also have the greatest impact on net-zero goals. Battery power is the biggest issue to overcome, but technology is advancing quickly, and it is projected that electric aircraft will play a real role in shorter flights in the near future.
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According to the International Air Transport Association, offsets and carbon capture technologies will contribute 19 percent to the reduction of carbon emissions. By investing in carbon reduction projects, passengers can mitigate emissions released by flying. By adopting an 'opt-out' model rather than 'opt-in,' in which offsetting is automatically added to flight costs, carbon offsetting can be more widely adopted. Additionally, it is expected that sustainable offerings are going to expand for customers, so they can make their travel more eco-friendly by selecting sustainable ground transportation and meals when booking.
The social aspect of ESG must not be overlooked as the industry looks to tackle sustainability. There is a chronic shortage of workers in the aviation industry due to the covid-19 pandemic, which resulted in a global skills shortage of 2.3 million workers. It is essential to continue focusing on key science, technology, engineering, and manufacturing (STEM) roles in order to implement new technologies and innovations as a result of climate change. There are now several exceptional STEM courses available that lead to real career prospects and high-quality jobs now that education and training providers are catching up.
Rising diversity, equity, inclusion, and belonging will also help to foster a more positive learning environment and eliminate barriers in the workplace. Diversity, Equity, Inclusion, and Belonging (DEIB) Council and an Employee Advisory Panel have been created to achieve this, and blind recruitment processes have been used to combat unconscious bias, which resulted in more than half of the new Broker Academy hires being women.
Customer expectations have ultimately driven change in the industry. Awareness has increased significantly in diversity and inclusion, as well as climate change, and people and businesses are taking more responsibility for their actions. The industry must seek feedback, listen, and respond to evolving customer expectations in the coming years. In order to ensure that the industry is fit for the future, it must also open its doors to new talent and create an inclusive environment. With continued investment in green initiatives, we can move closer to a net-zero future with the industry's commitment to sustainability.
