Private aviation group Luxaviation has pledged to achieve net-zero carbon emissions for its operations in 2030—sooner than expected. On Thursday, the company announced it is launching what it calls a “Go-to-Zero” investment fund to introduce multiple sustainability measures in all aspects of the way it does business.
The European group said that while carbon offsetting “is a step in the right direction, it is an imperfect solution,” and accordingly, it “is adopting a holistic and aggressive approach to sustainability." The new fund, for which the investment level has not been disclosed, will support the introduction of multiple new technologies, including electric ground vehicles and sustainable aviation fuels produced from renewable sources.
Announcing the “Go-to-Zero” fund on the day after this year’s COP United Nations conference in Dubai resulted in what some critics have said is an excessively cautious and caveated resolution to phase out fossil fuels.
“The outcomes of COP28 served as a catalyst for our decisive action,” said Luxaviation Group CEO Patrick Hansen. “Rather than dwelling on these results, Luxaviation chooses to lead the charge in transforming the business aviation sector into a more sustainable industry. We are confident that our clients and partners will embrace this move and actively participate in the alliance, helping us achieve net zero carbon emissions faster than anticipated.”
According to Luxaviation, it plans to encourage other private aviation partners to join it in accelerating reductions in the industry’s carbon footprint. It has issued an open invitation for others to contribute to the “Go-to-Zero” fund, with a pledge to invest €50 million ($55 million) over the next seven years. The fund could increase is value and scope with backing from other parties.
The company, which will mark its 60th anniversary in 2024, operates a large fleet of jets and helicopters with multiple AOCs around the world. In 2021, it expressed an early interest in plans to operate the all-electric, six-passenger eVTOL aircraft being developed by Lilium.