The global aviation sector reached a major milestone in climate action in November 2023 when Virgin Atlantic’s Boeing 787 aircraft successfully completed a flight from London to New York entirely on 100% sustainable aviation fuel (SAF). Powered by Rolls Royce Trent 1000 engines, the aircraft used 60 tonnes of SAF for testing and the flight, proving that sustainable fuels could be just the answer to the sector’s dilemma due to rising emissions.
The aviation sector accounted for 2% of the global carbon emissions in 2022, according to the International Energy Agency. While this figure may not look big, the imminent rise in greenhouse gas emissions in tandem with the projected increase in air travel in the coming years is worrisome. Already, the sector has surpassed other modes of transport, be it by rail, road or shipping, in terms of growth in recent decades. Globally, the demand for air travel is expected to double by 2040, according to International Air Transport Association(IATA).
India stands third in the domestic aviation market in the world and is expected to overtake the UK to become the third-largest air passenger market in 2024, according to India Brand Equity Foundation. Its aviation market is expected to grow from an estimated $13.54 billion in 2024 to $23.24 billion in 2029 at a compound annual growth rate of 11.41%, according to Mordor Intelligence.
This story is from the February 2024 edition of Outlook Business.
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This story is from the February 2024 edition of Outlook Business.
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