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The airline industry is on track to generate a trillion dollars in revenue and 5 billion passengers this year, a post-pandemic record.
According to information released by the International Air Transport Association (IATA) on June 3, airlines are expected to achieve net profits of 30 billion USD this year, up from the previous estimate of 25.7 billion USD.
However, total expenditures also hit a record high, rising 9.4% to $936 billion. Many fossil fuel companies are also under pressure to do their part in the fight against climate change and move towards a commitment to achieve net zero carbon emissions by 2050.
Speaking at the industry's annual meeting in Dubai on the same day, IATA Director General Willie Walsh said the expected net profit of $30 billion this year was "a fantastic achievement considering the heavy losses caused by the pandemic".
Covid-19 has plunged the aviation industry into crisis, grounding its fleet and costing thousands of jobs, with a loss of $183 billion in the three years 2020-2022.
Despite the forecast of a record recovery this year, the global airline industry is still facing many difficulties. Profits are up but costs are also at record highs. Net profit margins are only 3.1%, equivalent to airlines making a profit of more than $6 per passenger and slightly higher than the 3% in 2023.
“Making only $6.14 per customer shows how thin our margins are,” Walsh said, adding that it was “about the same as a cup of coffee in some parts of the world.”
Airlines are also facing rising costs due to shortages of spare parts and labor, as well as climate change-related challenges such as flooded runways and wildfires.
In April, the world's busiest airport, Dubai, in the UAE, was forced to close due to severe flooding, affecting more than 2,000 flights. According to meteorologists, extreme rainfall in the UAE desert could be exacerbated by global warming.
Air transport accounts for nearly 3% of global CO2 emissions, a level considered "dangerous" because it serves only a small fraction of the world's population.
On June 2, IATA said that the production of sustainable aviation fuel (SAF) extracted from renewable sources will triple in 2024 to 1.9 billion liters, equivalent to 1.5 million tons..But SAF accounts for only 0.53% of the industry's fuel demand this year.
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