Latest news with #WillieWalsh
Reuters
an hour ago
- Business
- Reuters
IATA expects sustainable aviation fuel production to double in 2025
SEOUL, June 1 (Reuters) - The International Air Transport Association said on Sunday it expects the amount of sustainable aviation fuel produced to double in 2025 to reach 2 million tonnes, representing 0.7% of airlines' fuel consumption. Influential industry body IATA has increasingly been warning that airlines will struggle to meet their sustainability goals, and has described the production of SAF - which is more expensive than conventional jet fuel - as disappointingly slow. IATA Director General Willie Walsh said that while the production increase was encouraging, the relatively small amount will add $4.4 billion globally to aviation's fuel bill. "The pace of progress in ramping up production and gaining efficiencies to reduce costs must accelerate," Walsh said in a statement. The broader aviation sector agreed in 2021 to target net-zero emissions in 2050 based mainly on a gradual switch to SAF, which is made from waste oil and biomass. Airlines are at odds with energy companies over scarce supplies of SAF, while also pointing the finger at plane makers Airbus ( opens new tab and Boeing (BA.N), opens new tab over delays in delivering more fuel-efficient jets.
Zawya
an hour ago
- Business
- Zawya
$1.3bln in airline funds blocked by governments
New Delhi – The International Air Transport Association (IATA) reported that $1.3 billion in airline funds are blocked from repatriation by governments as of end April 2025. This is a significant amount, although it is an improvement of 25% compared with the $1.7 billion reported for October 2024. IATA urged governments to remove all barriers preventing airlines from the timely repatriation of their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations. "Ensuring the timely repatriation of revenues is vital for airlines to cover dollar-denominated expenses and maintain their operations. Delays and denials violate bilateral agreements and increase exchange rate risks. Reliable access to revenues is critical for any business—particularly airlines which operate on very thin margins. Economies and jobs rely on international connectivity. Governments must realize that it is a challenge for airlines to maintain connectivity when revenue repatriation is denied or delayed,' said Willie Walsh, IATA's Director General. 10 countries are responsible for 80% of blocked funds 10 countries account for 80% of the total blocked funds, amounting to $1.03 billion. Country Amount USD Million Mozambique 205 XAF Zone* 191 Algeria 178 Lebanon 142 Bangladesh 92 Angola 84 Pakistan 83 Eritrea 76 Zimbabwe 68 Ethiopia 44 * XAF Zone (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon) Country Highlights Pakistan and Bangladesh, previously in the top five blocked funds countries, have made notable progress in clearing their backlog to $83 million and $92 million, respectively (from $311 million and $196 million in October 2024, respectively). Mozambique has climbed up to the top of blocked funds countries, withholding $205 million from airlines, compared with $127 million in October 2024. The Africa and Middle East (AME) region accounts for 85% of total blocked funds, at $1.1 billion as of end April 2025. The most significant improvement was noted in Bolivia, fully clearing its backlog that stood at $42 million at end October 2024. -Ends- For more information, please contact: Corporate Communications Email: corpcomms@ IATA (International Air Transport Association) represents some 350 airlines comprising over 80% of global air traffic. You can follow us at follow us on X for announcements, policy positions, and other useful industry information. Fly Net Zero.
Yahoo
2 hours ago
- Business
- Yahoo
Airline Industry Benefiting From Lower Oil Price, IATA Head Says
(Bloomberg) -- The global aviation industry is benefiting from lower oil prices because they're bringing down the cost of kerosene, the head of the IATA industry association said. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months The reduction in oil prices is in turn helping drive down ticket prices, said Willie Walsh, the director general of the International Air Transport Association. 'It's typically our single biggest cost, so it would help to offset any weakening demand if we were to witness a slowdown,' Walsh said in an interview with Bloomberg Television at IATA's annual general meeting in New Delhi. 'It also tends to have an impact on pricing. There's almost a direct correlation between the price of oil and and the price of airline tickets.' Airlines have become increasingly cautious about the demand outlook as global economic dislocations prompted by President Donald Trump's tariffs hurt demand. At the same time, a diminished economic outlook has also depressed oil prices, providing a cost advantage for carriers. Walsh said that while lower ticket prices typically stimulate demand, it also 'clearly drives down the overall revenue for the industry.' Global aviation executives are meeting in New Delhi over the next few days to discuss the state of the industry. Walsh is set to unveil his formal outlook for profitability and revenue for the airline industry on Monday. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox How Coach Handbags Became a Gen Z Status Symbol Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P.
Trade Arabia
3 hours ago
- Business
- Trade Arabia
$1.3bn in airline funds blocked by govts: IATA
Airline funds worth about $1.3 billion are blocked from repatriation by governments as of end April 2025, according to International Air Transport Association (IATA). This is a significant amount, although it is an improvement of 25% compared with the $1.7 billion reported for October 2024, it said. IATA urged governments to remove all barriers preventing airlines from the timely repatriation of their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations. "Ensuring the timely repatriation of revenues is vital for airlines to cover dollar-denominated expenses and maintain their operations. Delays and denials violate bilateral agreements and increase exchange rate risks. Reliable access to revenues is critical for any business—particularly airlines which operate on very thin margins. Economies and jobs rely on international connectivity. Governments must realize that it is a challenge for airlines to maintain connectivity when revenue repatriation is denied or delayed,' said Willie Walsh, IATA's Director General. Ten countries are responsible for 80% of blocked funds, it said. Pakistan and Bangladesh, previously in the top five blocked funds countries, have made notable progress in clearing their backlog to $83 million and $92 million, respectively (from $311 million and $196 million in October 2024, respectively). Mozambique has climbed up to the top of blocked funds countries, withholding $205 million from airlines, compared with $127 million in October 2024. The Africa and Middle East (AME) region accounts for 85% of total blocked funds, at $1.1 billion as of end April 2025.
Bloomberg
3 hours ago
- Business
- Bloomberg
Airline Industry Benefiting From Lower Oil Price, IATA Head Says
The global aviation industry is benefiting from lower oil prices because they're bringing down the cost of kerosene, the head of the IATA industry association said. The reduction in oil prices is in turn helping drive down ticket prices, said Willie Walsh, the director general of the International Air Transport Association.
