Sustainability of the Aviation Industry
In November 2021, ICAO released the first edition of its publication, Innovation Driving Sustainable Aviation. The publication highlighted work on the development of aircraft technologies, the improvement of aviation operations and infrastructure, and the development of environmentally friendly fuels. The goal of ICAO and the ICAO Global Coalition on Sustainable Aviation is to ensure a sustainable future for the industry. As a result, the thrust of most of the publication is on “the feasibility of a long term global aspirational goal for international aviation (LTAG).” However, as John Maynard Keynes, the eminent British economist, is reputed to have stated, “In the long run, we are all dead.” The thrust of this statement implies that if we cannot move quickly to solve short term issues, the long run no longer matters.
With Keynes’ thoughts in mind, Hermes wishes to propose how best to ensure the development of “quick fixes”. What can the aviation industry do over the next five years to ensure a sustainable long run future? Developing short term solutions for the aviation industry is a heavy lift, given its fixed infrastructure, attention to safety, and the long time to market for aviation technology. However, quick fixes will certainly be needed given aviation’s “bad press” and the movement to stifle the industry after the impact of COVID-19.