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Pin to quick pickseasyJet Share News (EZJ)

Share Price Information for easyJet (EZJ)

London Stock Exchange
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Share Price: 551.40
Bid: 550.80
Ask: 551.40
Change: 9.80 (1.81%)
Spread: 0.60 (0.109%)
Open: 550.20
High: 556.40
Low: 549.60
Prev. Close: 541.60
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World's beautiful, Airbus says as air industry sets out green goals

Wed, 22nd Sep 2021 18:55

By Tim Hepher

TOULOUSE, France, Sept 22 (Reuters) - Airbus led a
chorus of pledges by aviation leaders to cut emissions under an
eco-friendly new slogan on Wednesday, but was forced to defend
its jet-selling business under criticism from campaigners urging
the industry to tame its growth.

The European company, which last year announced plans to
develop a hydrogen-powered airplane from 2035, said aviation
could only hit net-zero carbon emissions in 2050 if airports,
airlines and air traffic systems also embraced radical change.

"Reaching net zero will be the result of a truly
unparalleled act of cooperation," Executive Vice President Julie
Kitcher told the "Airbus Summit", attended by policymakers and
airlines including easyJet and Lufthansa.

Alternative fuels, lightweight materials and a long-awaited
overhaul of air traffic systems are needed, Airbus said. But
delegates were warned the transition could also force up fares.

Days before German elections that could reshape European
green politics, Airbus road-tested a new slogan designed to link
its own brand and an under-pressure aviation industry with
sustainability: "The world is a beautiful place".

Replacing the earlier catchphrase "We make it fly", the
rebranding could be contentious with green groups. It
nonetheless reflects a shift in industry boardroom priorities -
from winning the race to develop iconic machines, to overcoming
the climate concerns of politicians and investors.

Speakers at the polished event at the planemaker's Toulouse
headquarters were supplied with "key messages," though Airbus
did for the first time provide a platform for industry critics.

Transport & Environment, which advocates tighter controls on
aviation, accused the industry of chipping away at regulation
while appearing to be supportive over environmental goals.

It challenged Airbus to stop selling new short-haul jets in
Europe from 2035, the date at which it says it will have the
hydrogen-powered model available for about 100 passengers.

"If we can't mandate the solution, we should at least begin
phasing out the problem," Aviation Director Andrew Murphy said.

Airbus Chief Executive Guillaume Faury defended the sale of
new jets, saying it was the best way to cut emissions quickly,
pending solutions that include hydrogen power for smaller jets.

"We don't need to stop selling new planes; on the contrary,
we need to accelerate the replacement of old planes ... given
the speed at which we reduce fuel burn," he said.

Only 10% of planes in service already use the cleanest
technology available today, Airbus said.

RARE UNITY

Industry executives at the two-day, in-person and webcast
event agreed on the need for sweeping public and private
investment and a "level global playing field" in the race to
reduce carbon emissions, for which jetliners account for 2-3%.

Observers said the event marshalled rare unity in an
industry struggling to shed the carbon tag and meet opposition
from activists and some policymakers, especially in Europe.

Yet cracks appeared over how quickly to adopt low-emission
bio-based fuels, which cost three times more than kerosene.

EasyJet Chief Executive Johan Lundgren - locked in a battle
with legacy carriers over who should bear the brunt of a new
European Union mandate to use more Sustainable Aviation Fuel
(SAF) - dismissed it as a meaningful long-term solution.

But the chief executive of London's Heathrow urged airlines
to kickstart use of the fuel, which manufacturers concede will
be the main option for long-haul flights for decades.

"If we don't get to net zero by 2050 we won't have a
business. The faster we scale up SAF the faster we can
decarbonise aviation," John Holland-Kaye said.

Watching in the audience were some of the financiers who
have tens of billions riding on aviation's ability to overcome
environmental pressure and tackle huge technical challenges.

"Some of it may be for public consumption but there's a real
authenticity from Airbus. They have got to start somewhere,"
said Peter Barrett, chief executive of SMBC Aviation Capital.

"It can't be one solution. This is something Airbus, Boeing
and engine makers should be working on together. It's as
big a collective challenge as the COVID vaccine."
(Reporting by Tim Hepher; Editing by Pravin Char)

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