Delta Air Lines to Invest $1 Billion to Combat Climate Change

Delta Air Lines will invest $1 billion over 10 years in initiatives designed to help curb the impact of global air travel on the climate.
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Delta Air Lines  (DAL) - Get Report said it would invest $1 billion over 10 years in initiatives designed to help curb the impact of global air travel on the climate.

The Atlanta carrier said it intended to become the first carbon-neutral airline globally, while it helps fund research into projects involving clean-air tech and the reduction of carbon emissions and waste.

Chief Executive Ed Bastian on Friday told CNBC that the company would not rely on carbon-offset programs, which enable companies to pay for the privilege to pollute. Delta has previously used carbon offsets.

“We will continue to use jet fuel for as far as the eye can see,” Bastian said. “We’ll be investing in technologies to reduce the impact of jet fuel, But I don’t ever see a future where we’ll eliminate jet fuel from our footprint.”

While the executive did not specify how Delta Air would reduce emissions, the company has discussed how it will combat climate change.

“There is just no substitute for the power that travel has to change lives and make the world a better place," Bastian said in a previous statement regarding carbon emissions.

["We’re] committed to making our business of connecting people to the world one that also is environmentally minded.

“Starting with voluntarily capping our carbon emissions at 2012 levels, we continue to reduce our footprint and invest in natural climate solutions as well as projects that support local economies worldwide.”

Delta shares at last check were 0.3% higher at $59.30. For 2020 through Thursday, the shares were up 1.1%.