Jeremy Bowen, CEO of Cirium spoke to CGTN Europe on aviation industry.
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00:00So we see that across all of those top airlines each year, where it's very much part of their culture, all the way through to their frontline staff.
00:07Jeremy, as passengers, we all hate delays, flight delays. So how costly exactly are flight delays for both customers and companies?
00:17They're incredibly costly for airlines. The airline industry in 2024 will probably turn over around a trillion dollars.
00:26And they attribute eight percent of that to delays and to disruption.
00:31So that's around 80 billion dollars per year that the airlines are trying to save.
00:35And so that's why they employ large teams of people to look at every aspect of their scheduling,
00:40every aspect of making sure that they are at the most optimal equipment and that they're given the best passenger experience.
00:46Every minute of delay and knock on is manifest and compounds itself over the course of the day and over the week.
00:53From a consumer perspective, from a passenger perspective, you're absolutely right.
00:57Nobody wants to be late. And in the past, people will make decisions based on the convenience of the airport and the cost of the ticket.
01:05Now, people are basing those decisions as well as those two, but also on am I going to get there on time?
01:11Am I going to make my meeting? Am I going to make my connection? Or is it going to eat into my leisure time?
01:16So every minute of delay means a lot of money burning. And Boeing this year has had a bad year, I have to say.
01:22So what's your take on the company's struggles? You're right.
01:26They've had a very challenging 2024 for a multitude of different reasons and in lots of different areas.
01:32I think now they have a new CEO. They've sorted out their machinist strike, which was bleeding their balance sheet.
01:39And they're resetting the business, going back to basics and putting that safety culture in.
01:45I think it's the right thing to do. And the industry does need strong competition with its with its aircraft manufacturers.
01:51It's not good for the industry to have one dominant and the others not so dominant.
01:56And so we do need Boeing and the industry do need it to get back to its former glory as soon as possible.
02:02Jeremy, where does the global aviation industry find itself in terms of progress on grain transition?
02:11It is making progress. It's slow. And everyone has signed up to be carbon neutral by carbon net zero by 2050.
02:22It's an incredibly slow process to decarbonize aviation.
02:26The way it's going to happen is through sustainable aviation fuel and more modern equipment.
02:30We've already said about the challenges within Boeing. There's backlogs of aircraft.
02:34Every airline wants to have more modern aircraft, which is circa 20 percent more fuel efficient.
02:39The challenge is sustainable aviation fuel. In 2024, it was probably 0.3 percent of all aviation fuel.
02:47In 2025, it's forecast to be around 0.7 percent.
02:51Every drop of sustainable aviation fuel that's ever been produced has been consumed and used.
02:56So the challenge is not for the airlines.
02:58The challenge is is is government and infrastructure and support to produce more sustainable aviation fuel.
03:06And that's where the emphasis needs to be now.
03:08Thank you very much. That is Jeremy Bowen, CEO of Therium.