Fexco speeds up measurement of aviation emissions
Ireland has become a major center of the global aviation industry since Tony Ryan founded Guinness Peat Aviation in 1975. About six out of ten aircraft leased worldwide are owned by Irish lessors while, on the airline side, Ryanair is the fastest growing in Europe.
But what for many years has been a source of pride for Ireland has, in recent years, started to look more like a problem as governments around the world consider the measures needed to tackle climate change. Being a center of global aviation is less appealing when planes are considered one of the fastest growing sources of carbon emissions in the world.
Aviation is estimated to represent between 2 and 3% of global emissions. Before the pandemic, production increased sharply as people got richer and flew more steadily and farther afield. It is predicted that as carbon production is slowed down and ultimately reversed in other parts of society, aviation’s share will rise and rise in the years to come. This could be problematic for Ireland’s emissions targets.
To tackle a problem, you first have to measure it. Fexco, a financial services group from Kerry, has partnered with Avocet Risk Management, a UK and US based consulting firm, to launch Pace (Carbon Emissions Analysis Platform), a technological system that they say allows airlines and lessors to accurately measure how much carbon their fleets are generating. It combines flight data with aircraft information to give a reading by aircraft, flight or fleet.
Aircraft lessors have already suggested that low-emission fleets might be cheaper to finance in the future, which is as big an incentive as the industry can get. Meanwhile, taxes on air travel will be more closely linked to carbon production. Systems like Pace can have a role to play in providing accurate data.
It will be interesting to see if Pace gains ground in the industry. As an island, it is imperative for Ireland that solutions are found to help reduce aviation emissions.