The European Union’s Green Deal aims to decarbonize all sectors of the economy with the long-term goal to achieve climate neutrality by 2050 and reduce the bloc-wide net greenhouse gas emissions by at least 55 percent by 2030 compared to 1990 levels. However, business aviation and general aviation industry groups fear that some of the policies will in fact undermine these objectives.
Of particular concern is the pending addition of aviation in the EU’s “taxonomy for sustainable finance,” a classification system that defines which industries are environmentally sustainable and can be considered green investments. According to the European Commission, this comprehensive and highly technical toolset will “create security for investors, protect private investors from greenwashing, help companies to become more climate-friendly, mitigate market fragmentation, and help shift investments where they are most needed.”
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