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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: Air New Zealand has abandoned its 2030 carbon reduction target due to delays in receiving fuel-efficient aircraft and high costs of sustainable fuels
• The airline remains committed to a net zero emissions goal by 2050, seeking to establish a new near-term objective
🔭 The context: The aviation industry faces significant decarbonization challenges, responsible for about 2% of global emissions
• Factors like aircraft availability and sustainable fuel costs complicate efforts, as highlighted by Air New Zealand's withdrawal from the Science-based Targets initiative (SBTi)
🌍 Why it matters for the planet: This move underscores the broader challenges in decarbonizing aviation, an industry heavily reliant on specific fuels and technologies that are currently difficult to replace or scale
⏭️ What's next: Air New Zealand may need to retain older aircraft longer than planned, while continuing to explore sustainable aviation fuel (SAF) options and electric planes
• The airline industry is under pressure to find sustainable solutions as environmental regulations tighten
💬 One quote: "It is possible the airline may need to retain its existing fleet for longer than planned," said CEO Greg Foran
📈 One stat: Air New Zealand aimed to reduce carbon intensity by 28.9% by 2030 from 2019 levels, surpassing the global aviation industry's 5% reduction target for the same period
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