IATA launches ‘Vision 2050’
7 June 2010 (Berlin) – The International Air Transport Association (IATA) called on industry leaders to look beyond the crisis that buffeted the air transport industry over the last decade and to strategically define a sustainable future.
Giovanni Bisignani, IATA’s Director General and CEO, made the call in his State of the Industry address at the start of the 66th IATA Annual General Meeting and World Air Transport Summit after announcing that airlines are expected to post a profit of $2.5 billion in 2010. The industry’s first profit since 2007 comes after a decade in which airlines have lost a cumulative $47 billion. “It is time to think big and to look beyond the cycles and shocks. Our duty is to work together to define a vision on which to build a sustainable future,” said Bisignani.
Bisignani outlined his vision for aviation in 2050. “We will be very near to zero accidents. We will emit half the carbon. We will have eliminated queues with integrated systems ensuring security as we process more passengers. We will operate with almost no delays in globally united skies. We will share costs and profits equitably across the value chain. We will be a consolidated industry of a dozen global brands supported by regional and niche players. And we will deliver value to investors,” said Bisignani.
“In just over a decade, I can see $100 billion in industry profits on revenues of $1 trillion. As we move towards 2050, this 10% margin will become even more robust. This is not just a crazy dream. Before the recession, at least a dozen IATA members already had 10% margins. We must make this a much broader reality. Change in all areas is possible. This vision