Everybody is focussed on aviation’s contribution to climate change. But do we know how climate change will impact the aviation industry?
The winter floods in the UK caused £100 million of costs at Heathrow airport alone; snow storms in North America this winter caused thousands of flights to be cancelled and cost tens of millions of dollars. Is this a taste of the future?
Join Vertis, the University of Reading and FlightAware to support a ground-breaking study to find out.
Vertis Environmental Finance has initiated an academic study on the impact of climate change on aviation. To complete this report we are seeking financial support from companies in the aviation sector or from foundations interested in supporting research on the impact of climate change on our society. It is looking for a Main Sponsor of $10,000, two Sponsors of $5,000 and 5 Supporters of $2,000 each.
Vertis Environmental Finance will analyse every flight from the 40 largest airports in the EU and USA from the past three years to investigate the possible correlation between weather events and delays, diversions and cancellations of commercial flights. It will then apply this correlation to forecast changes in weather patterns in coming years and using real cost data, translate the operational impacts into financial impact. So far very little work has been done to quantify the effect of climate change on the aviation industry, and this report will be an important start.
Vertis Environmental Finance have teamed up with the University of Reading and US data supplier FlightAware to develop this study. The Department of Meteorology at the University of Reading, UK, will run the data analysis and advise on the climate and weather science. FlightAware, a US-based provider of flight data, will provide the data for the project. Vertis Environmental Finance also has external consultants advising us on aviation operation issues and costings.
Vertis Environmental Finance aims to issue the report in Q4 2014.
The report will interest aircraft operators, airports, authorities, financiers and investors in the aviation industry, as well as insurance companies and other academic researchers in this field.
For further information please contact James Atkins at Vertis Environmental Finance by emailing: james.atkins@vertis.com.