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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group, SA    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROU

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International Consolidated Airlines : Airlines lag climate goals despite fuel efficiency improvement - study

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09/12/2018 | 01:55pm EDT
FILE PHOTO: FILE PHOTO: Aircraft belonging to budget carrier Norwegian at Stockholm Arlanda Airport

MONTREAL (Reuters) - Airline fuel efficiency on transatlantic flights has improved by one percent a year since 2014 as carriers modernized their fleets, but the industry still lags its own climate goals, according to a study released on Wednesday by the International Council on Clean Transportation.

But the study's findings were challenged later Wednesday by an aviation industry group which argued that carriers are actually ahead of their targets.

According to the ICCT study, the industry's average fuel efficiency, as measured by how much fuel is used to transport passengers, improved to 34 passenger kilometers per litre of fuel from 33 between 2014 and 2017 as carriers opted for modern aircraft with lower fuel burn and operated fuller planes.

Airlines have been switching to more fuel-efficient planes to mitigate the impact of high oil prices on their margins.

The aviation industry has also set a non-binding goal of capping emissions from international flights at 2020 levels, despite rising passenger traffic as demand for global travel climbs.

Haldane Dodd, spokesman for the Air Transport Action Group (ATAG), which counts airlines among its members, said the industry is achieving a 2.1 percent rolling average fleet fuel efficiency improvement for all flights.

That figure is ahead of a goal of 1.5 percent efficiency improvements per year, Dodd said by email.

"Rankings of airline efficiency based on assumptions and modelled estimates are not a useful tool for either the public or policymakers, as they present an inaccurate picture of the operation,” Dodd said.

The ICCT compared the fuel efficiency of nonstop passenger flights between North America and Europe by 20 major airlines. While the study only examined transatlantic flights, the authors argued the results showed industry lagged its goals.

Flights to and from European states are expected to account for 36 percent of all carbon emissions from global aviation in 2020, the ICCT said citing data from the International Civil Aviation Organization (ICAO).

"New policies to accelerate investments in more fuel-efficient aircraft and operations are critical if industry is to meet its long-term climate goals," said Dan Rutherford, aviation program director for the ICCT, a U.S.-based independent non-profit research organization.

According to the study, budget carrier Norwegian Air Shuttle was ranked first of 20 transatlantic carriers for fuel efficiency, while British Airways, part of the International Airlines Group, came in last.

British Airways on Wednesday said its fuel efficiency per passenger "appears lower," because on such routes the carrier has a "greater share of the premium market," which has fewer seats.

(Reporting by Allison Lampert in Montreal, Additional reporting by Sarah Young in London; Editing by Paul Simao and Phil Berlowitz)

By Allison Lampert

Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, SA -1.29% 450.1 Delayed Quote.-27.17%
NORWEGIAN AIR SHUTTLE ASA 3.16% 45 Delayed Quote.-56.27%
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Financials (EUR)
Sales 2019 25 794 M
EBIT 2019 3 272 M
Net income 2019 2 226 M
Debt 2019 6 518 M
Yield 2019 6,10%
P/E ratio 2019 4,64x
P/E ratio 2020 4,44x
EV / Sales2019 0,64x
EV / Sales2020 0,59x
Capitalization 9 946 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 7,85  €
Last Close Price 5,01  €
Spread / Highest target 131%
Spread / Average Target 56,5%
Spread / Lowest Target -11,4%
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Managers
NameTitle
William Matthew Walsh Chief Executive Officer & Director
Antonio Vázquez Romero Chairman
Enrique Dupuy de Lôme Chávarri Group Chief Financial Officer & Executive Director
Patrick Jean-Pierre Cescau Senior Independent Director
Kieran C. Poynter Independent Non-Executive Director
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