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Clean Skies for Tomorrow Leaders: 10% Sustainable Aviation Fuel by 2030

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Today, 60 companies in the World Economic Forum’s Clean Skies for Tomorrow Coalition – whose mission is to accelerate the deployment of sustainable aviation fuels (SAF) – achieved a milestone on the path to net-zero emissions by 2050 by working together to power global aviation with 10% SAF by 2030.

As aviation remains a “hard to abate” sector in reducing Green House Gas (GHG) emissions, strong climate action from the industry is particularly important as travel begins to return to pre-pandemic levels. Accelerating the supply and use of SAF technologies to reach 10% of global jet aviation fuel supply by 2030 is a significant move to put the aviation industry on the path to net-zero emissions.

This will only be possible through the concerted effort of industry leaders. The following organizations have signed the 2030 Ambition Statement:

  • Accenture
  • ACME
  • Airbus
  • Airports Council International
  • American Airlines
  • ANA Holdings Inc
  • Bangalore International Airport Limited (BIAL)
  • Bank of America
  • Biodiesel Association of India (BDAI)
  • Boeing
  • Boston Consulting Group
  • bp
  • British Airways
  • Caphenia
  • Carbon Engineering Ltd.
  • Cathay Pacific Airways
  • Council on Energy, Environment and Water (CEEW)
  • Deloitte
  • Delta Air Lines
  • Deutsche Post DHL Group
  • Dubai Airports
  • Enerkem
  • ENI
  • Fraport
  • Fulcrum BioEnergy
  • Heathrow Airport
  • Honeywell
  • Iberia
  • Indian Institute of Petroleum
  • International Airlines Group
  • Japan Airlines
  • KLM Royal Dutch Airlines
  • Kuehne+Nagel
  • LanzaJet
  • LanzaTech
  • McKinsey & Company
  • Neste
  • Norsk e-Fuel AS
  • Novo Nordisk AS
  • oneworld alliance
  • Ørsted
  • Praj Industries Limited
  • Punjab Renewable Energy Systems Pvt Ltd
  • PwC
  • Qatar Airways Group
  • Rolls-Royce
  • Royal Schiphol Group
  • San Francisco International Airport
  • Shell
  • SkyNRG
  • SpiceJet
  • Suncor
  • Sunfire
  • Sydney Airport
  • The Energy and Resources Institute (TERI)
  • TotalEnergies
  • United Airlines
  • Velocys
  • Virgin Atlantic
  • Visa Inc.

Signatory companies include airlines, airports, fuel suppliers and other aviation innovators from around the world. They also include non-aviation companies that rely on corporate air travel for their business operations, demonstrating that the responsibility of decarbonizing the industry lies with all those who depend on the aviation sector.

“Achieving our ambition will require commitment, innovation and cross-industry collaboration from a wide range of stakeholders,” said Lauren Uppink Calderwood, Head of Aviation, Travel and Tourism at the World Economic Forum. “We are calling on governments, international organizations and others to work with us to take important steps forward through new policies, targeted investments and regulations that create a level playing field while incentivizing transformation.”

This statement is also in full support of the UN High Level Climate Champions’ 2030 Breakthrough Outcome for aviation, one of over 30 sectoral near-term targets that are critical to halving emissions by 2030 and delivering the promise of the Paris Agreement.

Achieving net-zero aviation

SAF is fully compatible with existing aircraft and is a viable industry solution in the transition to 2030 and beyond. Members of the Clean Skies for Tomorrow Coalition are championing the commercial scale of viable production of sustainable low-carbon aviation fuels (bio and synthetic) for broad adoption in the industry.

Actors across the aviation eco-system agree on the need to first reduce, as far as possible, the emissions caused by the sector. This reduction can be achieved through efforts including the optimization of routes, increased energy efficiency from aircraft design and improved ground operations. Stakeholders such as airports can play an increasingly important role in the adoption and uptake of SAF by developing SAF operational plans or kickstarting co-funding mechanisms.

Synthesized from sustainable, renewable feedstocks – such as municipal waste, agricultural residues and waste lipids, or developed through a power-to-liquid route – SAF has already fuelled more than 250,000 commercial flights.

Difficulties remain in getting SAF to scale up production due to its prohibitively high price gap with fossil-based jet fuel, resulting in a “chicken and egg” problem with supply and demand. Costs will fall if production scales up, but fuel providers are facing headwinds due to high price pressure on low SAF demand, and high risks associated with policy and investment uncertainty. Demonstrating sufficient demand and policy certainty will be crucial to building investor confidence, hence the power of this major commitment from the leading companies in the aviation energy value chain.

Sustainable Aviation Fuel Certificate (SAFc) system

To make this concerted effort possible, the Clean Skies for Tomorrow Coalition has developed a Sustainable Aviation Fuel Certificate (SAFc) system, a new accounting tool that will allow SAF emissions reductions to be claimed by travellers and cargo customers if they are willing to cover the higher costs.

The proposed system also handles fuel supply chain logistics by delivering SAF stock to airports nearest the production plants. With existing technologies and digital demand platforms such as the SAFc, best-practice sustainable aviation can reduce GHG emissions on a lifecycle basis by up to 80%.

The key to long-term net-zero aviation will be to incentivize demand for SAF-fuelled air travel. With this ambitious 10%-by-2030 coalition commitment, members are motivated to aggregate demand for carbon-neutral flying. Some are championing mechanisms including co-investment vehicles, industry-backed policy proposals, and creative value-chain stimulus programmes for corporate passenger and transport business customers.

Expert Thoughts

“Progressing the development and commercial deployment of sustainable aviation fuel (SAF) is crucial to decarbonising the aviation industry. We are investing heavily in the development of SAF and have partnerships with Velocys in the UK and LanzaJet in the US which could see us powering our flights with sustainable fuel as soon as next year,” says Sean Doyle, British Airways’ Chairman and CEO. “Earlier this month we were delighted to collaborate with bp to source enough sustainable aviation fuel with respect to all our flights between London, Glasgow and Edinburgh during COP26, substantially reducing the emissions associated with taking our customers to and from COP26 by up to 80% compared to traditional jet fuel. We need continued support from Government to scale up the development and use of SAF, which will be a game changer for our industry.”

“Delta is looking to the future of sustainable aviation while addressing the current impact of our carbon emissions. It is why we committed to carbon neutrality in March of 2020 and why we have also committed to setting a science-based targets to align with the Paris Agreement,” said Ed Bastian, CEO, Delta Air Lines. “This partnership with Clean Skies for Tomorrow builds a future for sustainable aviation by bringing together a coalition that will accelerate the supply and use of SAF technologies.”

“Our announcement today to reach 10% SAF by 2030 emphasizes our commitment to the planet and prosperity. Upscaling SAF with a global approach will boost India’s economy,” Ajay Singh, Chairman & CEO, SpiceJet. “Accelerating the SAF industry with a global approach will bring opportunities for economic growth and transformation in India.”

“We’re proud to be joining forces with more than 50 companies collectively committing to powering global aviation with 10% sustainable aviation fuels by 2030. It’s a crucial milestone towards achieving net zero flying by 2050,” says Shai Weiss, CEO, Virgin Atlantic. “From partnering on sustainable aviation fuels with LanzaTech in 2011, to becoming a founding member of the Jet Zero Council, Virgin Atlantic has been leading on sustainability for more than 15 years. Our partnership with Clean Skies for Tomorrow is another step forward in accelerating the global transition to sustainable aviation.”

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Finance

Why Traders Should Never Miss Forex Trading Investment Opportunities

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Trading forex is a great opportunity to make money if you know how to do it right. Some of the top forex traders are often asked about tactics and tricks they use that have helped them to make great profits. Investment opportunities can be fully used only when you know how to turn such opportunities into profit.

What does it take to turn investment opportunities into trading profits? Here are some things which you can do to make a difference and have helped several people in making profits in the long run.

A Strong Trading Plan:

Ask any successful trader and you will be told that a trading plan is of utmost importance. One needs to plan quite systematically before trading or when one starts trading. This trading plan usually has a strategy which is followed with great caution. This trading strategy should also be tested, and adjustments made accordingly. If everything goes well, the strategy can be repeated whenever any opportunity comes along.

Managing Risk:

Capital management is an essential part of forex trading success. If any trader doesn’t know how to manage risks, the trader will not be able to make it long. No matter how lucrative the investment opportunities seem to be, a trader should not trade money which the person cannot afford to lose. It is extremely important to ensure that the risks are sensible because that will keep him going.

The Importance of Being a patient Trader:

If you wish to earn in the long run, you need to be patient. It does take time to develop any currency trading plan. It also takes time to develop different skills. Thus, any trader needs to wait for the right opportunities. If a trader hurries or rushes, the decision can be wrong which will affect trading.

The Mind has to be Clear:

Experts reveal that success and failure often depend on the mindset of the individual. If the trading psychology of the trader is not as it should be, profitability will become a distant dream. However, the sad part is that most traders do not consider this as a fundamental truth. There are many expert traders who do meditation or yoga so that they ensure that they have a healthy mind.

Disciplined Actions:

To be successful in any sphere of life, one needs to be disciplined and exercise caution. For a successful trading career, a trader should be consistent and should be learning regularly so that mistakes can be avoided. If a trader lacks discipline, it may lead to trading errors which will result in losses in the future.

Trading Journal Can Help:

There are many experts who suggest the use of trading journals. Such smart traders work as record keepers which helps them in future. For example, when they win a trade, they have everything recorded in the journal. Thus, they are aware how they are winning and why they are winning. Thus, this way they are aware of the strategies that can help them in winning trades and the strategies which can cause them losses.

If any trader can take note of all details such as different conditions for entry and exit, it helps in trades and targets.

Overtrading Can be Risky

At times traders are tempted to overtrade with the hope of making more profits. However, experts believe that overtrading should be avoided because it leads to trading mistakes and errors. Thus, traders need to ensure that they are patient and do not do things that will make it risky.

Thus, investment decisions should be made wisely and cautiously.

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Finance

Mongolia Shows Improvement in Management of Public Finances

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Mongolia’s management of public finances has improved, but further reforms are needed in some areas to achieve international best practice standards, a recent
World Bank assessment finds.

The recently completed Public Expenditure and Financial Accountability (PEFA)report, which assessed the performance of Mongolia’s public financial management system against international benchmarks, concluded that Mongolia scored well in relation to access to public information, the budget preparation process, financial data integrity, and external audit.  In the application of international accounting standards, fiscal risk management, medium-term budgeting, and the use of performance evaluation to enhance government service delivery, further reforms are needed to enhance fiscal discipline, ensure resources are allocated as intended, and improve service delivery, the report found.   

“Public Expenditure and Financial Accountability assessment provides an excellent foundation for Mongolia to measure its progress in driving improvement in its public financial management,” said Andrei Mikhnev, World Bank Country Manager for Mongolia. “The current report will also be used to assess the success of our current programs for supporting effective governance in Mongolia and in designing future programs.” 

The European Union and Mongolia have a long-term and broad partnership. The report demonstrates Mongolia’s willingness to further improve the management of its public finances,” said Ambassador-designate Axelle Nicaise, Head of Delegation of the European Union to Mongolia. “The EU will continue to assist Mongolia in its public financial management reform agenda, also with our budget support program”.

Mongolia has gradually undertaken reforms to strengthen fiscal discipline and the public financial management system, the report notes. The first phase of reforms between 2003 and 2008 established the basic elements of the system, including strengthening internal controls, cash management, and accounting and reporting. The second phase of reforms between 2008 and 2011 included improvements in fiscal policy, budget planning, and decentralization of roles and resources to subnational governments. More recently, Mongolia has been pursuing a number of initiatives to improve macro-fiscal management and government service delivery.

The report assesses reform progress over the last 5 years. Of the 31 indicators in the assessment framework, 12 indicators show improvement, 13 indicators are unchanged, and three have deteriorated.

The greatest gains since a 2015 assessment were in the areas of budget credibility, the predictability and control of budget execution, revenue administration processes, budget release processes, cash and debt recording, and payroll controls. Comprehensiveness and transparency, policy-based budgeting, accounting and reporting, and external scrutiny and audit were elements of public financial management that remained relatively consistent over time.

The World Bank congratulates the institutions involved in the progress made to enhance public finance governance.” said Alma Kanani, World Bank Governance Practice Manager for East Asia and the Pacific. “It is very good to see that the government’s continuous commitment to reforms is producing results.”

The assessment was made possible with financing from the EU-funded Strengthening Governance in Mongolia Project. The publication of the report coincides with a planned review and update of the public financial management reform strategy and action plan, and the assessment will provide an important input to the design of future reforms to further strengthen fiscal governance and public financial management.

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Finance

7 Business Lessons We Learned in 2021

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2020 was a year unlike any other. It saw the advent of the coronavirus pandemic that affected every nation on earth and plummeted the international economy. Several businesses crashed and had to depend on bailouts and loans. A lot of people lost their jobs, and countries went into recession.

Despite all that, company owners and entrepreneurs learned a lot of business lessons. The future of work changed permanently. Business practices and small business financing in the future will never be the same. 

1.      Remote work is the future

The pandemic brought out the usefulness, ease, and convenience of remote work. Several companies and government organizations embraced remote work, and it is fast becoming a norm. Even when lockdowns eased and the effects of the pandemic lessened, remote work was still a thing for several companies. Square, Twitter, and other companies have fully adopted remote work. Most workers mentioned that they preferred remote work compared to having come into physical offices. Hybrid models that combined both remote and physical work also emerged.  

As a company owner, this means that you can hire people from anywhere around the world for your business. You can hire people from third-world countries and still get premium service and the best of talents. This might cost you less than what you will spend for onsite physical hires. You’ll also save money on office space andsmall business financing. Your staff will save money on commute time and transport expenses. You only need to find the right tech tools like Slack, Calendly, and more.      

2.      Work meetings do not have to be physical

The pandemic massively boosted the popularity of online meetings. Zoom, Google Meet, Cisco Webex, Microsoft Teams, Skype, and other platforms became the official meeting channel of several companies, with Zoom being the biggest gainer.

“Mute your mic,” “Turn off your camera,” “Your mic is muted,” and other phrases became very popular. But once people got the hang of things, these meetings worked. Gone are the days of jumping on late-night flights and battling jet lag to attend business meetings across continents. Remote meetings work just fine.

With online meetings, you can better utilize your small business loans on other critical aspects of your business.     

3.      Diversify where possible

Several businesses suffered during the pandemic. The companies that were able to withstand the effects most were those that diversified. If diversification does not cause a strain on your resources or a loss of focus, go for it.

Before obtaining financial support for your small business, think of means by which you can perfectly utilize the money to expand your operation and diversify as needed.   

4.      Have business reserves and savings

A lot of businesses were forced to turn to their cash reserves after sales got hit by the pandemic. All ventures, from one-person businesses to giant corporations, were not spared. Companies had to be bailed out by the government and others had to apply for small business financing loans. The aviation, hospitality, and transportation sectors were the worst hit of all. Lots of workers were laid off, with companies losing talented staff that they had spent resources hiring, training, and onboarding.

Companiess now realize the extreme importance of having cash reserves and emergency backup savings.     

5.      Have a disaster relief plan in place

The fastest companies to recover from the effects of the pandemic were those that had a disaster relief plan in place. These companies were better equipped to deal with the disastrous effects of the pandemic. 

6.      Virtual workspaces will become a thing

Tech companies are now developing technology for virtual workspaces. These workspaces will include hardware and software that will foster closer connectivity among employees in remote locations. 5G, virtual reality headsets, AI-powered assistants, IoT, and other emerging technology will make this a reality. 

During the pandemic, companies like Duolingo held virtual office hangouts, cooking classes, movie nights, and more extracurricular activities using virtual technology.     

7.      Future businesses should have an agile culture  

2020 taught us that work should have an agile, flexible culture, and they must be willing to adapt to changes as fast as possible. Companies with an agile culture were the fastest to adapt to the pandemic. Flexibility allows an organization to be better prepared for crises and unexpected circumstances.  

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