127 O N E R E P O R T 2 0 2 2 OVERVIEW BUSINESS OVERVIEW AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL INFORMATION SUSTAINABLE BUSINESS DEVELOPMENT Net Zero Strategy As air travel recovery gains momentum, the aviation industry finds itself in a more purposeful setting of managing the restoration of flight networks while adapting to a new regulatory environment that seeks to minimise the industry’s impact on the climate. This was underscored by the conclusions of the 41st ICAO General Assembly in October 2022 which reiterated its call for airlines to implement climate change strategies Figure: Thai AirAsia’s pathway to net zero by 2050. CO2 emissions for years 2018-2022 are based on actual data. Figures for 2023 onwards are based on AirAsia Aviation Group Limited’s projections. to achieve ICAO’s Long Term Aspirational Goal of net zero emissions by 2050. Responding to this call to action, Thai AirAsia developed its climate strategy to meet industry aspirations to decarbonise by 2050 in alignment with the net zero targets of the AirAsia Aviation Group Limited (AAAGL). In 2022, we identified our net zero pathway based on existing technologies as shown in the chart below. 2020 0 500,000 1,500,000 2,500,000 CO2 Emissions (tonnes) Roadmap Towards Net Zero by 2050 3,500,000 Fleet Management Operational Eco-Efficiency Sustainable Aviation Fuels (SAF) Carbon Offsetting 4,500,000 2025 2030 2035 Our decarbonisation strategy leverages on four main approaches, namely, the effective management of our fleet, expanding our operational eco-efficiency programme, and progressively, the utilisation of sustainable aviation fuels (SAF) and purchase of carbon offsets. Below are the activities undertaken in 2022 in the four above-mentioned areas. Fleet Management Thai AirAsia maintains a relatively young fleet with an average age of 9.0 years, comprising three models of the Airbus A320 family-the A320ceo, A320neo and A321neo-which are acknowledged to be among the most fuel-efficient narrow body commercial jet aircraft. In addition, our fleet of 54 aircraft are compliant with the latest ICAO CAEP/8 NOx emissions standards. Thai AirAsia’s Fleet by Numbers Model Units Average Age Passenger Capacity A320-CEO 41 10.2 180 A320-NEO 11 5.2 186 A321-NEO 2 3.1 236 Fleet Age % of Total Fleet < 7 years 35.8 7-13 years 58.5 > 13 years 5.7 2040 2045 2050 4,000,000 3,000,000 2,000,000 1,000,000
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