“Sustainable transport within everyone’s reach is an urgent challenge”

Throughout history, one of the main basic human needs has been to be able to travel and transport goods from one place to another. This need has definitely become much more relevant in the modern world where connectivity and immediacy are par for the course. This is why we should not be surprised by recent initiatives such as the new race to exploit space tourism.

However, this type of initiative should also lead us to maximize our efforts to continue raising maximum awareness of the need to incorporate into our personal and professional activities the use and implementation of sustainable means of transportation, which reduce our carbon footprint and contribute to the ambitious challenge of carbon neutrality by 2050.

The transport sector worldwide generates 25% of the planet's carbon emissions

It is estimated that the transport sector worldwide generates 25% of the planet's carbon emissions. This very relevant figure is undoubtedly an incentive that should move society as a whole to develop and make sustainable transport accessible. There are still many challenges ahead, but there is more and more evidence of the efforts and results to electrify land transport, improve the performance of river and maritime transport and make commercial air and cargo transport more efficient.

Achieving these goals in the medium term will depend on the ability to extend and scale new technologies and develop equipment capable of operating efficiently with these inputs. Lithium batteries, fuel cells, liquefied natural gas (LNG), liquefied petroleum gas (LPG) and sustainable aviation fuel (SAF) are all necessary for this transition. However, they are still very incipient technologies and, therefore, their high cost makes mass adoption by the industry's main players still unfeasible.

Achieving these goals in the medium term will depend on the ability to extend and scale new technologies and develop equipment capable of operating efficiently with these inputs

As for air transport, the challenges are even greater considering that aspects such as safety (on the ground and in the air) must prevail over any search for efficiency in terms of decarbonization; while we must also ensure that this means of transportation is financially accessible to the greatest number of people. Recent events such as the pandemic, the war in Ukraine and natural disasters caused largely by global warming position cargo and passenger air transport as a basic necessity for modern society and, above all, of very high strategic value for economies. That is why the air transport industry in general, and leading players such as the IAG Group and Iberia more specifically, are heading initiatives at all levels of their operations in order to achieve carbon neutrality by 2050.

For BBVA, it is a priority to accompany our clients through these profound transformations in society. We are pioneers in digital transformation and more recently have set and scaled up ambitious resource mobilization goals through sustainable financing. Just as at BBVA we are absolutely committed to our purpose of bringing the age of opportunity to everyone, it is a priority for the air transport industry that its services are available to the greatest number of people while it navigates the path towards carbon neutrality.