The recent full year results statement from AIM listed leisure travel group Jet2 PLC (AIM:JET2) made a point of highlighting its focus on sustainability. While a company operating a fleet of passenger airlines is unlikely to draw huge amounts of enthusiasm from ESG investors, Jet2 appears to be making considerable progress on the sustainability front.
Jet2.com is the UK’s third largest airline, flying from 10 UK bases to over 70 destinations across Europe and beyond and Jet2holidays is the UK’s second largest tour operator.
Between 2011 and 2019, the Group reduced its CO2 emissions per passenger kilometre from 83.1g to 67.0g, a reduction of more than 19%. In 2018 it was ranked 11th best airline in the world in this regard by Atmosfair Index, although to put things into perspective it’s worth noting that among UK operators, TUI and Thomas Cook were ranked 1st and 7th respectively.
In September 2021, Jet2 published a comprehensive Sustainability Strategy with the vision to be “the leading brand in sustainable air travel and package holidays”.
As part of their Jet2 Net Zero 2050 commitment, in addition to the significant new Airbus A321 neo investment, Jet2 will offset emissions not currently covered by existing carbon pricing mechanisms (UK and EU Emissions Trading Schemes), thereby taking full responsibility for all its carbon emissions.
By going above and beyond regulatory requirements, Jet2 will see a significant drop in net emissions in the coming months and years. The Group has also committed to using a percentage of UK produced Sustainable Aviation Fuel.
Further, by 2023, 50% of their Ground Support Equipment will be zero carbon and they will have reduced single use plastics on their aircraft by 80% compared to 2019 – equivalent to removing 11 million items per annum!
Jet2holidays will also act on the environmental impacts in its supply chain by enabling customers to make more sustainable accommodation choices through its hotel sustainability labelling system.
You can find out more about Jet2’s initiatives towards sustainability here: www.jet2plc.com/sustainability
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