LONDON – The platform of PACE utilizes published data to track and trace aircraft and implements artificial intelligence to assess carbon emissions. Will PACE revolutionize sustainable air travel?
Fexco, an Irish fin-tech, and business service firm, has finally launched a new platform geared towards the aviation industry.
This new platform analyses carbon emissions in the aviation sector, which enable airlines, investors, and stakeholders to observe and manage carbon emissions rates for their businesses, with the hopes of achieving the crucial Net Zero targets (Believed to be totally achieved by 2050).
The platform will be called Pace, as this new product could revolutionize the airline industry’s behavior on energy consumption, and how they can streamline their operations, to shave off carbon emissions.
PACE uses widely available public data to track aircraft performance and travel patterns. This is done so with artificial intelligence and extensive machine learning, with deep and rich access to carbon emission data, and also predicts the usage of aircraft and utilization.
This shows accurate data on carbon emissions that can be calculated by an airline, aircraft, or flight, and even shows the tiniest of detail, such as individual seats per flight!
This is going to transform the planning for many airlines in the upcoming future.
Modeling can be used by many stakeholders to see how a shift to numerous types of aircraft would drastically improve the carbon performance of its investment.
This will create a seismic shift in how airlines operate and allow many airlines to produce a highly accountable environmental initiative for the public, which is a key role for consumers and regulators.
Besides, the shift can also play a vital role in future decisions, which aids in translating carbon into financial risk. Fexco is particularly targeting lessors, banks, investors, and export credit agencies.
Cathal Foley, Pace’s Chief Executive Officer stated: “The opening gambit from a Pace perspective is the stakeholders within the aviation industry and moving on from there, we see multiple use cases across other verticals as well.”
“You have a few very large segments that you can wrap your head around the numbers, and we’re on track currently towards achieving a 50 percent share across the industries in which we’re playing.”
PACE, which is an offshoot of Fexco’s sustainability arm, is a joint venture between the Irish firm and Avocet Risk Management, which crucially morphs part of Fexco’s broader strategy in the sustainability sector.
The firm also ventures into the ever-growing market that will be driven by a new era of a carbon governance framework that would require banks, lessors, and investors to track and manage one asset: carbon emissions, that is.
World-renowned institutions like the EU Emissions Trading Scheme (ETS), and the global Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) are involved in such schemes.
Amongst its many high-profile customers, SMBC Aviation Capital is one of them, which owns a fleet of more than 700 aircraft.
Shane Matthews, head of strategic and market analysis at SMBC Aviation Capital, stated: “PACE is a key tool to help us measure and predict our scope 3 emissions and to ultimately assist us to reach our net zero targets by 2050”
He furthered: As new technologies come on stream and as the industry moves towards sustainable aviation fuels, PACE will test and confirm that we are on the right track and will help us to meet our responsibility to deliver an industry that is more sustainable,”