Last checked at 26 Sep 2022 07:00
easyJet plc (EZJ) easyJet launches SBTi aligned net-zero roadmap 26-Sep-2022 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 26 September 2022
easyJet plc (‘easyJet’)
easyJet launches SBTi aligned net-zero roadmap
easyJet continues its sustainability journey today by setting out an ambitious plan through to 2050 SBTi aligned roadmap with targets to achieve 35% carbon emission intensity reduction by 2035 (validated by SBTi)1 78% carbon emission intensity reduction by 2050 with residual emissions addressed through carbon removals Focus on new technology with the ambition to achieve zero carbon emission flying across entire fleet in the long-term Sustainability investments to focus on delivering this roadmap including Rolls Royce partnership and descent profile optimisation enhancements
Overview easyJet is a highly efficient operator with carbon intensity c. 18% lower than the global narrowbody average2. Today’s announcement sets out the next phase on the airline’s journey to achieve net-zero carbon emissions by 2050. Investments will transition away from offsetting to focus on driving in-sector emission reductions to deliver our Net Zero roadmap. There are a number of levers which will help us achieve this target which include: Fleet renewal: NEO aircraft minimise fuel burn and emissions through current technology of which easyJet has 168 aircraft orders3 to be delivered up until FY29. Operational efficiencies: Delivered through fuel savings from numerous initiatives including Descent Profile Optimisation, single engine taxiing and engine washing. Sustainable Aviation Fuels (SAF): easyJet will use at scale in line with Refuel EU proposed mandates as a minimum. Airspace modernisation: Potential to achieve at least a 10% reduction by 2035 through implementation of Single European Sky and modernisation of UK airspace. Zero carbon emission aircraft: Committed to be an early adopter in transitioning the fleet when the technology is available and commercially viable. Carbon removal technology: Residual emissions will be removed to reach net-zero by 2050. Johan Lundgren, CEO of easyJet, said: “Challenging the status quo is in easyJet’s DNA - from making flying affordable for everyone, to leading the sector on decarbonisation. I’m very proud to be able to confirm today that our target of a further 35% reduction in carbon emissions intensity by 2035 has now been validated by the Science-Based Targets initiative – making easyJet the first low-cost carrier worldwide to have announced this. Since 2000, over a twenty year period, we have already reduced our carbon emissions per passenger, per kilometre by one-third, so this marks a significant acceleration in our decarbonisation. “Today, we’re the first airline to outline an ambitious roadmap in which zero carbon emission technology plays a key role to take us to net-zero emissions by 2050 and ultimately to zero carbon emission flying across our entire fleet. And I’m really pleased that our partner Rolls Royce has also confirmed today it is making final preparations for the first hydrogen engine tests to take place. “We will be implementing our roadmap step by step in the years to come, helping to ensure more sustainable travel is accessible to all for the benefit of the next generation and our planet.” Presentation easyJet’s CEO, Johan Lundgren and interim COO David Morgan will be hosting a live streamed presentation this morning at 11:30am. This can be accessed via the following link: https://easyjetnetzero.com/investor-relations-registration.
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Notes: easyJet plc commits to reduce well-to-wake GHG emissions related to jet fuel from owned and leased operations by 35% per revenue tonne kilometre (RTK) by FY2035 from a FY2019 base year. The target boundary includes biogenic emissions and removals from bioenergy feedstocks. Non-CO2e effects which may also contribute to aviation induced warming are not included in this target. Based on global narrowbody CO2/RPK in 2019 (ICCT) As at 16 August 2022
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| ISIN: | GB00B7KR2P84 |
| Category Code: | MSCM |
| TIDM: | EZJ |
| LEI Code: | 2138001S47XKWIB7TH90 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 190143 |
| EQS News ID: | 1448813 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.