Global Jet Capital launches carbon offset programme
Global Jet Capital, the business jet financier, is launching a voluntary carbon offset programme for customers. The CleanFlight Program is in partnership with the Carbonfund.org Foundation.
The Carbonfund.org Foundation will give Global Jet Capital clients preferred pricing. It will also calculate the carbon they customers need to offset after flying in their business aircraft.
“We created this programme to help raise visibility around the impacts of climate change and provide our clients with a vetted option to offset the impact of their aircraft operations on the environment,” said Vivek Kaushal, president and chief operating officer of Global Jet Capital. “The programme is completely voluntary and provides our clients the flexibility to acquire a level of carbon credits consistent with their operations. Though this is not intended to satisfy government regulations regarding environmental mitigation, our partnership with Carbonfund.org provides our clients the assurance of acquiring verified carbon offsets from a trusted and globally recognised partner.”
The Carbonfund.org team and Global Jet Capital will estimate the carbon footprint for each client. Calculations are based on planned use, the fuel burn for each aircraft type and how long customers want to enrol for.
All Carbonfund.org projects are third-party validated and verified. Standards organisations include The Gold Standard, Verified Carbon Standard, and American Carbon Registry.
Andrew Farrant, chief marketing officer, Global Jet Capital, explained more to Corporate Jet Investor.
CleanFlight Q&A
CJI: What has driven you to launch this?
Farrant: In partnership with Carbonfund.org, we hope to raise visibility around the impacts of climate change and provide clients with access to the knowledge and expertise required to make informed decisions regarding the options available to offset the impact of their aircraft operations on the environment through verified carbon offsets.
CJI: How hard was it finding an offset provider you trust?
Farrant: Initially when we began researching the carbon offset market, we found ourselves asking a lot of unanswered questions. We were then introduced to Carbonfund.org by one of our Limited Partners, The Carlyle Group. It turned out that Carlyle had been working with Carbonfund.org for sometime which gave us confidence that we were in good hands. As we got to know Carbonfund.org, we became increasingly impressed with their knowledge, capabilities and depth.
CJI: Have you seen demand/from customers?
Farrant: Over the past two to three years, we heard more and more from owners and operators looking to find ways to offset or reduce their carbon footprint. The CleanFlight Carbon Offset Program will provide our clients with options and preferred pricing should they choose to offset the greenhouse gas emissions related to their business aircraft through the purchase of verified carbon offsets.
CJI: Do you think bond investors will be interested as well?
Farrant: It’s interesting that during the run up to our last ABS transaction many of the banks and institutional investors we met with had questions about how the business aviation industry and how we and our clients are dealing with greenhouse gas emissions. So, yes – I do think they’ll be interested.
