“We are committed to sustainable development as it is the right thing to do for our planet, people and communities. We are in it for the long term in order for our business to be successful and sustainable.”
At Cathay Pacific, we believe that travelling well is an important part of living well. As we continually strive to enhance the overall travel experience, an important element is to ensure that this experience can be sustained over time. That is why we are committed to sustainable development. We intend to stay ambitious with our approach to embed the value and practice of sustainability into how we exist and engage, in order to achieve our goal of a sustainable future for generations to come.
Looking towards the long term, we have continued to invest in modern, more fuel efficient aircraft, serve new destinations, upgrade our products, expand our team, develop our staff and improve our service. Hence, we were very proud and honoured to win the Skytrax Airline of the Year for the fourth time. The results were based on votes from the travelling public, and this recognition was especially encouraging to us.
Fuel remained the Group’s most significant cost. We benefited from lower fuel costs in the fourth quarter; however our strategy is to reduce our CO2 footprint, meet our Carbon Neutral Growth (CNG) 2020 goals, and ensure supply for the business over the longer term. The announcement of our investment in Fulcrum BioEnergy Inc., a waste-to-energy developer based in the United States aimed at replicating waste-to-jet fuel technology, reflects the first major step of that commitment.
Internationally, we have been busy working with ICAO, other regulatory bodies, airlines and NGOs to design a global market-based measure for CO2 emissions reduction to come into force from 2020. This will be a game changer for carriers because it will place a monetary value on CO2 emissions – and we will have to pay for our growth post-2020. Cathay Pacific is actively involved in these international conversations to ensure the resultant global offset mechanism is fair, equitable and avoids competitive distortion, and have been calling on governments to establish such a scheme since 2008.
We have been collaborating and innovating in different areas of our business with many more partners, be it other companies, NGOs or in the communities. Some highlights include ensuring the safety of our flights, managing inflight meal wastage, attaining green building certification for our Paris Charles De Gaulle airport lounge, and reviewing ways to make our flights even more efficient through a cross-functional working group.
You will find many of these stories in the videos told by our own staff who made them happen, as well as the latest updates in each of the sections. They are excellent examples of how everyone in the company is playing their part in contributing to a viable business that delivers value for the future. Our team will continue to work hard to ensure a life well travelled for now and generations to come.