The Singapore Airlines Group has revealed its intent to achieve net-zero carbon emissions by 2050. Announced in a press release on May 24, 2021, the group plans to augment its de-carbonization and sustainability strategies across its operations and airlines, Singapore Airlines (SIA1) (SINGY), Scoot, and SIA Cargo.

“We have remained focused on our sustainability goals even as we navigated the Covid-19 pandemic,” said Goh Choon Phong, the Chief Executive Officer of Singapore Airlines (SIA1) (SINGY). “We know that this is also an increasingly important issue to both our customers and staff. With today’s pledge to achieve net-zero emissions, we buttress the SIA Group’s leadership position on this topic and reinforce our commitment to finding ways to tackle our impact on the environment.”

This group plans to modernize its fleets through investing in acquiring new-generation aircraft and appropriating low-carbon technology and sustainable aviation fuels to offset its emissions.

Today the group’s average fleet age is five years 10 months across types such as the Airbus A330-300, A380-800, A320-200, A320neo and A350-900, and the Boeing 747-400F, B787-8, B787-9, B787-10, B777-200, B777-300ER, B737-800 NG. The group also has orders for new generation wide and narrow bodies from both Airbus and Boeing such as the Airbus A350-900 and the A320neo and A321neo Family as well as  the Boeing 777-9 and 787 Family and the 737 MAX 8.  

“Today, the most effective and direct way for an airline to materially lower carbon emissions is by operating a young fleet of aircraft,” Phong went on to state. “The SIA Group’s fleet has an average age of under six years, making it one of the youngest in the world.”

According to Phong, the SIA group retired 45 older aircraft over the course of 2020 and its fleet order of new-generation aircraft will be 30% more fuel-efficient in comparison to its current fleet. 

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SIA raised more than $1.5 billion through sale-and-leaseback transactions for 11 aircraft.