Momentum Ventures, a Canadian venture studio, has lent its support of the Canadian government’s newly unveiled Initiative for Sustainable Aviation Technology (INSAT).
The INSAT, backed by a robust $350 million investment from the Strategic Innovation Fund, is a testament to Canada’s commitment to fostering green transformation within the aerospace industry.
In recent years, the need for sustainable practices in various industries has become increasingly evident. The aviation sector, in particular, has been under scrutiny due to its significant contribution to carbon emissions.
However, there is a glimmer of hope as Canada takes a step in the right direction with the Initiative for Sustainable Aviation Technology (INSAT).
The INSAT Initiative and green transformation
Canada’s commitment to sustainability and green transformation within the aerospace industry is evident through the newly unveiled Initiative for Sustainable Aviation Technology (INSAT).
With a substantial $350 million investment from the Strategic Innovation Fund, this initiative is set to drive positive change in the aviation sector.
INSAT focuses on crucial aspects such as alternative propulsion systems, advanced aircraft designs, transitioning to greener fuels, and enhancing aircraft support infrastructures.
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Momentum Ventures’ support
As the parent company to FlightHub and sister company Justfly, Momentum Ventures is thrilled and inspired by the INSAT initiative.
The comprehensive approach of INSAT aligns seamlessly with Momentum Ventures’ vision for an environmentally responsible future in aviation. Matt Keezer, the CEO of Momentum Ventures, enthusiastically expressed the company’s support for this groundbreaking initiative.
Environmental impact of aviation
Before delving deeper into the significance of INSAT, it is crucial to understand the environmental impact of the aviation industry. The David Suzuki Foundation reveals that the aviation sector is responsible for approximately 12 per cent of transportation emissions.
Furthermore, carbon emissions from the airline industry have surged by 75 per cent from 1990 to 2012, and projections suggest that emissions could triple by the year 2050.
Acknowledging these concerning statistics, the need for sustainable solutions becomes even more apparent.
Canada’s Aviation Climate Action Plan
In response to the growing environmental concerns related to the aviation industry, Canada’s Minister of Transport released the Aviation Climate Action Plan 2022–2030 in fall 2022.
This strategic plan outlines a pathway for achieving net-zero emissions by 2050. A key component of this plan is the adoption of new green aerospace technologies, paving the way for a more sustainable future.
Momentum Ventures has made sustainability a core priority and is actively involved in various eco-friendly initiatives.
One of these initiatives is the Drive Green program, where the company subsidizes its employees’ monthly electric vehicle payments, encouraging the adoption of greener transportation options.
Additionally, Momentum Ventures supports the use of public transportation by subsidizing monthly public transit passes for its employees as an alternative to driving.
With the combined efforts of industry stakeholders, innovative companies, and government initiatives like INSAT, there is hope for a transformative change in the aviation industry.
The collaboration and dedication to sustainable practices are expected to drive the much-needed transition towards a cleaner and greener aviation sector.
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