A dance metaphor was used by Matt Rosanvallon, director, Sales and Acquisitions, Freestream Aircraft to describe how pre-owned aircraft sellers were having to adjust to the more normal US trading conditions. “Sellers will need to dance again [with prospective buyers], to court them and to be more fluid [in how they facilitate sales],” said Rosanvallon. Last year “a sense of normalisation” returned to the market after “the crazy highs” of 2022.

‘Become a good seller’

Examples of flexibility in sales negotiations were supplied by John Odegard, managing partner, 5×5 Trading, formerly Wheels Up Aircraft Sales. His advice was: “Become more realistic, not only on values but how you become a good seller, making sure your records and maintenance status are in order to make them more appealing in the market.”

On the global stage, “India is the new China”, said David Dixon, president, Jetcraft Asia. “India has the same problems as China – lack of infrastructure and legislation – but it also has a willingness to buy airplanes,” Dixon told delegates. So, while the country lacked airports to support business aviation, “India is the one to watch”. Also showing potential were other countries in southeast Asia, such as Indonesia, and Australia.

Dubai-based Action Aviation favoured the prospects for growth in India too. “There are a lot of aircraft transactions going in and out of India,” said the company’s MD Mark Butler. “And they are big aircraft too – BBJs and Globals. That’s where our focus will be in 2024.”

Don Dwyer, managing partner, Guardian Jet remained bullish about sales prospects. Dismissing worries about the US election deterring buyers, he acknowledged some impact from the 2012 election but saw none in 2016 and 2020. “I just don’t see anything to slow down the train,” he said. 

While charter activity declined last year, more stability was predicted by ARGUS International. “The industry has found itself a new baseline and we don’t think it will reduce further,” said Mike McCready, its president.

‘Dramatic increases in pricing’

“Owners are getting a little fed up,” warned Darren Broderick, CEO, Asian Corporate Aviation Management (ACAM). “Before, during and after Covid, we’ve seen dramatic increases in pricing – particularly OEM pricing and supply,” he said. And everyone had suffered rising fuel prices. Particularly annoying was the sale of windshields at five or six times the OEMs’ original price.

JSSI estimated price rises of 3% to 5% before Covid but a jump of 9% to 16% after the pandemic. “Owners come with a budget and they want a forecast,” said Fabrice Roger, senior vice president, Business Development, EMEA and APAC at JSSI. “They are ready to pay the right price, but they do not want to be fooled.”

Despite rising prices, Don Spieth, president, VanGas Aviation Analytics highlighted the value that owners, particularly corporate owners of multiple aircraft, continue to find in business aviation. Corporate flight departments have done a great job, he said. “It’s clear to me that C level leadership looks to the director of Aviation to run their flight department with the same diligence as any other business leader that reports to them.”

Returning to fuel, intensifying production of sustainable aviation fuel (SAF) while diversifying feedstocks would help to boost its available and lower its costs, said João Martin, from Jet Aviation. Part of the problem was lack of capital, according to Nancy Bsales, from 4AIR. “We need to infuse capital into the SAF industry so these facilities can be built,” she said.

Holger Krahmer, new secretary general, European Business Aircraft Association (EBAA) urged business aviation to deliver upbeat messages to governments and policy makers about its contribution to the economic growth and to society. “Be optimistic, be practical and don’t be silent about your aviation business. Don’t hide your business,” said Krahmer, who is on mission to step up the association’s lobbying and advocacy roles.

Winning new business

A powerful way of spreading those messages – and winning new business – is the use of social media platforms such as TikTok, LinkedIn, Instagram and YouTube, according to speakers in our last conference session.

Steve Varsano, MD, The Jet Business devotes three hours every week to social media posts, often on TikTok or YouTube. (One video post attracted 37m views). Overall, he attributes a few deals to leads originating from social media.

Returning to the dancing theme, George Galanopoulos, MD, Luxaviation revealed how one of his early Instagram posts featured himself dancing. Since then, he has posted several times a week and believes it offers a key to unlocking new and younger audiences. “Drawing new people to our industry is so important and social media really does that,” he said. Read the full report from conference’s first day here and the second day here.

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“India has the same problems as China – lack of infrastructure and legislation – but it also has a willingness to buy airplanes,” Dixon told delegates. So, while the country lacked airports to support business aviation, “India was the one to watch”.  Also showing potential were other countries in southeast Asia, such as Indonesia, and Australia, he added.

Dubai-based Action Aviation also favoured the prospects for growth in India. “There are a lot of aircraft transactions going in and out of India,” said the company’s CEO Mark Butler. “And they are big aircraft too – BBJs and Globals. That’s where our focus will be in 2024.” Also, many owners from the subcontinent are choosing to base their aircraft in Dubai, he added.

It wasn’t just buying habits in Asia that were changing. Speakers reported a significant shift in power from sellers to buyers in pre-owned aircraft negotiations. Sellers are having to learn new “dance steps” to court increasingly choosy buyers, said Matt Rosanvallon, director, Sales and Acquisitions, Freestream Aircraft.

‘Need to dance again’

“Sellers will need to dance again [with prospective buyers], to court them and to be more fluid [in how they facilitate sales],” said Rosanvallon. Last year “a sense of normalisation” returned to the market after “the crazy highs” of 2022.

Sellers should reognise the significant market towards lower prices, counselled John Odegard, managing partner, 5×5 Trading, formerly Wheels Up Aircraft Sales. “Become more realistic, not only on values but how you become a good seller,” he urged sellers. “Make sure your records and maintenance status are in order to make them more appealing in the marketplace.”

The big surprise about pre-owned aircraft trading last year was that there were no surprises, he said. “People entered 2023 with cautious optimism but expecting something to happen – and it really didn’t.” Business remained strong last year and started the same way this year. “The HNWI market remains robust. There’s a good influx of first-time buyers, who used Wheels Up and started moving into whole aircraft ownership.”

Many other speakers confirmed the shifting balance of power from sellers to buyers. Zipporah Marmor, vice president, Aircraft Transactions, ACASS noted: “We are now trending towards a buyers’ market again.”

But lower prices for pre-owned aircraft were proving popular with everyone. challenging for new buyers for new buyers looking to upgrade their aircraft, according to Action Aviation.

Dismissing concerns this year’s US election may deter buyers, Don Dwyer, managing partner, Guardian Jet reported no impact on pre-owned aircraft sales in 2016 and 2020. “I just don’t see anything to slow down the train,” he added. 

But rising prices for new aircraft and aircraft parts had started to tax buyers’ patience, according to some speakers. “Owners are getting a little fed up,” warned Darren Broderick, CEO, Asian Corporate Aviation Management (ACAM). “Before, during and after Covid, we’ve seen dramatic increases in pricing – particularly OEM pricing and supply,” he said. And everyone had seen the rise in fuel prices. Particularly annoying was the sale of windshields at five or six times the OEMs’ original price, he added.

‘Do not want to be fooled’

JSSI estimated prices rises of 3% to 5% before Covid but jumping by 9% to 16% after the pandemic. “Owners come with a budget and they want a forecast,” said Fabrice Roger, senior vice president, Business Development, EMEA and APAC at JSSI. “They are ready to pay the right price, but they do not want to be fooled.”

Sticking with fuel, intensifying production of sustainable aviation fuel (SAF) while diversifying feedstocks would help to boost its available and lower its costs, said João Martin, from Jet Aviation. Part of the problem was lack of capital, according to Nancy Bsales, from 4AIR. “We need to infuse capital into the SAF industry so these facilities can be built,” she said. All agreed that SAF would help aviation achieve the key target of zero carbon emissions by 2050.

But not all SAF was created equal, claimed Matt Finch, UK policy manager at Transport & Environment. “Not all SAF is good is good – particularly if it’s made from US corn [maize],” he said. “In Europe, that type of SAF is banned.” Determining the difference between good SAF and bad SAF depended on answering the simple question: what is the underlying feedstock? he said. Good SAF could yield 100% carbon reductions while bad SAF could achieve only 10% reduction.

It was important business aviation authenticated its use of good SAF in order to forestall criticism of its environmental record. Finch warned the industry: “There is bad SAF out there and you will get investigated by journalists and called out for the bad stuff.” But his definition of bad SAF was disputed by Nancy Bsales, from 4AIR.

Despite rising prices, Don Spieth, president, VanGas Aviation Analytics highlighted the value that owners, particularly corporate owners of multiple aircraft, continue to find in business aviation. Corporate flight departments have done a great job, he said. “It’s clear to me that C level leadership looks to the director of Aviation to run their flight department with the same diligence as any other business leader that reports to them.”

Wire fraud

As if rising costs and lengthening backlogs were not enough to worry about, the risk of cyber-attack to both aircraft transactions and operations, was climbing warned the US Federal Bureau of Investigation (FBI). Global losses to wire fraud alone in 2022 totalled $10bn. Aviation remained vulnerable to wire fraud on aircraft sales and ransomware attacks on essentials such as aircraft log books. But early declaration of the offence to authorities offered some possibility of recouping losses. “I think about cybersecurity every minute of every day. It crosses borders instantaneously and we can’t fight it without partnerships around the world,” said Kathryn Sherman, cyber-criminal assistant legal attaché, FBI. “.

While charter activity declined last year, more stability was predicted by ARGUS International. “The industry has found itself a new baseline and we don’t think it will reduce further,” said Mike McCready, its president.

Clients recently lost to business jet charter may yet return, said Julie Black, manager, Executive Aviation, Hunt & Palmer. “Since Covid, there has been a huge opportunity for the industry to show what it can do,” she said. “Customers who were lost for financial reasons have now had a taste [of business aviation] and may not be lost forever.”

‘Don’t hide your business’

Making his first appearance at a CJI conference, Holger Krahmer, new secretary general, European Business Aircraft Association urged business aviation to deliver an upbeat message to governments and policy makers about its contribution to the economic growth and to society. “Be optimistic, be practical and don’t be silent about your aviation business. Don’t hide your business,” he advised delegates.

Krahmer wants EBAA to focus on lobbying and advocacy to help people understand the key contributions of business aviation. “I’m not saying saying membership has been neglected, but there is a direct association between EBAA members and the EBACE event [in Geneva],” he said. “We need to strengthen our lobby-based activities.”

Business aviation firms could also play key a role in delivering marketing messages that ditch cliches about the sector in favour of content that truly reflects the nature and many contribution of the industry, he added.

A powerful way of spreading those messages – and winning new business – is the use of social media platforms such as TikTok, LinkedIn, Instagram and YouTube, according to speakers in our last conference session.

Steve Varsano, founder, The Jet Business devotes three hours every week to social media posts, often on TikTok or YouTube. (One video post attracted 37m views). Overall, he attributes “a few deals” to leads originating from social media.

George Galanopoulos, MD, Luxaviation posts on Instagram several times a week and believes it offers a key to unlocking new and younger audiences. “Drawing new people to our industry is so important and social media really does that,” he said.

Liz Moscrop, Gear Up Media, founder and CEO said: “Social media is not a flash in the pan. It’s got to be part of your business strategy.”

CJI London 2024 took place between February 5th-7th at the London Hilton on Park Lane.  Read our report from the first day of the conference here.

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Those words, from  Don Spieth, VanGas Aviation Analytics, summed up the challenge facing business aviation at a time of rapidly rising costs, supply chain blockages, pilot shortages, tighter regulations and environmental protests (at least in Europe). The first day of our CJI London 2024 conference navigated a path through those challenges to predict a more stable global industry that could look forward to continued growth in the year ahead.

Despite the challenges, considerably more owners and charter and fractional clients are choosing to fly on business aircraft than before the pandemic, judging by the keynote opening session. Global business jet flights opened this year 3% below the level achieved last year and 5% below the peak year of 2022, Richard Koe, MD of market intelligence firm WINGX told the conference. But business jet activity was 19% up on 2019, achieving a compound annual growth rate (CAGR) of 4.5%. That compared with a CAGR of 2.5% between 2010 and 2019.

Last year fractional operators were “the big winners”, said Koe. Flexjet showed very strong growth and NetJets significantly expanded its fleet during the year. But flights for smaller charter operators faded during the year. Ultra long-range flights rose compared with the previous year. US airline flights continued to recover but lagged business aviation, achieving just 5% growth on their 2019 level. But commercial airline flights from regional US airports remained well down on previous levels. WINGX predicted “a modest increase” in overall flight activity for business jets this year.

New aircraft deliveries

There was similar good news about new aircraft deliveries from Rolland Vincent, creator/director, JETNET iQ. After an increase of only 2% year-on-year last year – due to supply chain challenges and certification difficulties – he predicted a significant increase this year of 14% in unit deliveries compared with 2023.

Pre-owned business jet deals in 2023 showed a “normalisation”, as buyers became “a little more picky than last year”, said Spieth. But aircraft on engine programmes commanding a 4% to 8% premium depending on their make, model and age. Transactions in the fourth quarter (Q4) of last year were stronger than expected with some spilling over into Q1 this year.

The market for new jet sales is strong, said Lannie O’Bannion, senior vice president, Global Sales and Flight Operations, Textron Aviation. “We are very optimistic about where we headed at Textron Aviation,” said O’Bannion. The manufacturer currently has 20 aircraft in production, he added. The manufacturer’s backlog now extended to between one to two years depending on model.

Equally bullish was Don Dwyer, manager partner, Guardian Jet. Discounting concern about this year’s US election deterring buyers, he acknowledged some impact from the 2012 election year but none in 2016 and 2020. “I just don’t see anything to slow down the train,” he said. 

Along with many speakers, Zipporah Marmor, vice president, Aircraft Transactions, ACASS noted a transition from a sellers’ market to one dominated by buyers. “We are now trending towards a buyers’ market again,” she told delegates. During the pandemic sellers commanded the market as buyers rushed to acquire jets – sometimes without booking a pre-purchase inspection. But now buyers are becoming more discriminating about their purchases.

‘Getting a little fed up’

One factor tarnishing owners’ enjoyment of their aircraft was rising costs. Prices have climbed dramatically in the past five years and in line with inflation before that, said Darren Broderick, CEO, Asian Corporate Aviation Management (ACAM). “Before, during and after Covid, we’ve seen dramatic increases in pricing – particularly OEM pricing and supply,” he said. Fuel prices had also risen significantly. “Owners are getting a little fed up. But they have no choice of course.”

Price rises were often driven by supply chain shortages and Broderick did not discount an element of price gouging. “People are selling windshields at five or six times the OEMs’ original price,” he added.

JSSI estimated prices rises of 3% to 5% before Covid but jumping by 9% to 16% after the pandemic. “Owners come with a budget and they want a forecast,” said Fabrice Roger, senior vice president, Business Development, EMEA and APAC at JSSI. “They are ready to pay the right price, but they do not want to be fooled.”

The topic resonated with delegates, as 80% of respondents to our survey judged owners’ costs were rising above inflation. A further 18% agreed costs were rising but in line with inflation. Just 2% of respondents said their costs were not rising because they were locked in with suppliers. Asked to identify the most significant cost rises, more than half (54%) blamed maintenance costs and 27% highlighted labour costs. The costs of ownership were singled out by 12% of delegates and rising operating costs were identified by 8% of respondents.

Cyber-attack

As if rising costs and lengthening backlogs were not enough to worry about, the risk of cyber-attack to both aircraft transactions and operations, was intensifying warned the US Federal Bureau of Investigation (FBI). Global losses to wire fraud alone in 2022 totalled $10bn, said Kathryn Sherman, cyber-criminal assistant legal attaché, FBI. Losses over the past five years were estimated at $23bn. “I think about cybersecurity every minute of every day. It crosses borders instantaneously and we can’t fight it without partnerships around the world,” she said.

Cyber-crime, via wire fraud, ransomware attacks on essentials such as aircraft log books and other means, was becoming ever more sophisticated. But early declaration of the offence to authorities offered some possibility of recouping losses, said Sherman.

The first day ended with a session focusing on business aviation’s increasingly vocal critics. A total, or near, total ban on private jet flights was demanded by representatives from the pressure groups Possible and Safe Landing and the Green Party. All three objected to private jets based on their allegedly “pointless” carbon emissions and their perceived lack of fairness in providing exclusive travel for “multi-millionaires and billionaires”.

Urging a complete ban on private jets were Alethea Warrington, from the campaign group Possible and Zack Polanski, deputy leader of the Green Party of England Wales. Warrington said: “For fairness, people need to stop flying on private jets because the remaining carbon budget needs to go to people’s annual holiday or to visit family in distant countries around the world.”

Polanski said: “It’s time to call time on the private jet industry.” That was needed both to protect the environment and for reasons of social justice, he added.

Former airline pilot Todd Smith, now campaigning for Safe Landing, also wanted to see an end to private jet flights. But he added: “If you have to take an essential flight for good reason, hopefully love or science, do it but feel guilty.”

Responding on behalf of business aviation, Kurt Edwards, director general, International Business Aviation Council (IBAC) highlighted the sector’s role in linking remote communities, critical mission flights, such as air ambulances, and helping to generate economic growth.

So, were delegates reassured about the prospects for business aviation by conference speakers? A morning poll revealed 69% were fairly optimistic looking ahead over the next two year. A further  22% were very optimistic and 8% were pessimistic.

CJI London 2024 took place between February 5th-7th at the London Hilton on Park Lane. Meanwhile read our report from day two, including why “India is the new China,” here.

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James Jaffa, founding partner at Jaffa & Co said: “I am extremely excited to announce that Ian Petts joins the Jaffa group for the launch of Jaffa Privé. Jaffa Privé is a logical evolution for the Jaffa brand, and something we have been working towards for a long time.”

The launch is in response to clients’ request for a continuation of the relationship with Jaffa & Co beyond a particular legal project. “Jaffa Privé, led by Ian Petts, allows us to satisfy that demand by joining forces with clients for the long term,” said Jaffa.

Previously head of Yachting & Aviation at Equiom, the corporate service provider, Petts focusses on jets, yachts, estates and investments. “I am thrilled to become part of the esteemed Jaffa Group and family as they take their brand to new heights on the global stage,” said Petts.

“As we spread the Jaffa wings internationally with Jaffa Privé, and introduce a suite of exclusive services tailored for family offices, discerning businesses, and Ultra-High Net Worth Individuals, our mission is crystal clear: Jaffa aspire to become the unparalleled trusted partner, and the go-to consultants for families and enterprises with luxury assets and investments, ensuring they have the smoothest and most enjoyable experience with their assets …”, he said. 

Petts has held a number of senior yachting roles including group finance director of broker and management company YCO after the global financial crisis.  He helped found the Young Professionals in Yachting Organisation in Monaco and is an adviser to the Yacht Cluster Monaco.

At the start of the Russian invasion of Ukraine, Petts and his wife arranged for eight trucks of aid to go from Monaco to Ukraine. He drove one truck personally repatriating 12 mothers and their children. Pictured (L to R) are Jaffa and Petts.

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After protestors from Fossil Free London and Just Stop Oil disrupted the conference’s opening session – Is aviation under attack? – on Tuesday, February 7th, Corporate Jet Investor invited a spokesperson from the climate change coalition to respond to our questions.

A spokesperson for Fossil Free London told CJI: “We disrupted your conference because our climate is in crisis, and people around the world are already suffering and dying from the impacts of this crisis, particularly people in the Global South who have done least to cause this crisis and are now suffering from extreme weather, flooding, drought, heatwaves, storms and forest fires.

“Nature is being wiped out by rising temperatures. Scientists are warning us that we are getting incredibly close to dangerous and irreversible tipping points, like melting glaciers and the dieback of the Amazon, which will put all of our lives at risk.”

Private jet aviation is “an obscene waste of carbon and it should not exist”, continued the spokesperson. “There is absolutely no justification for private jet flights, in a world where ordinary people are struggling to afford enough heat and energy and food just to survive. It is completely unacceptable for anyone to produce the level of emissions that come from private jet flights.” Online meetings, public transport, electric vehicles are all alternatives to private flights, the spokesperson added.

Josie, one of the protestors (who declined to give her surname), told CJI: “The people attending this conference are grotesquely out of touch with the suffering already being experienced by millions in the Global South – and the suffering that’s likely to be experienced by billions more if we don’t drastically reduce our carbon emissions. Yet they spend their time discussing investment opportunities in fancy hotels, away from any scrutiny or accountability.

“We disrupted their conference yesterday to demand an end to the private jet industry, and to be clear that we will not tolerate the destruction of our planet, our homes, and our livelihoods so that a tiny minority can continue to live in luxury.”

Read the spokesperson’s full answers to our questions below.

Meanwhile, if you would like to put a question (or make a point) about business aviation to the Fossil Free London/Just Stop Oil, please email it to this email address. We will also invite an industry representative to respond to the protest coalition’s specific allegations against business aviation. 

 Fossil Free London: ‘Why we disrupted CJI London 2023’

1. Why did Just Stop Oil disrupt our conference?

We are Fossil Free London, although some of us are also part of Just Stop Oil.

Humanity and nature are in an extremely grave situation. There is ‘no credible pathway’ in place to limit global heating to 1.5°C above pre-industrial temperatures.

Average temperatures around the world are almost at 1.2° and we are already seeing multiple extreme weather events, including prolonged drought and heat in Europe last year. 60 UK homes burnt down in record temperatures of over 40°.

People in the Global South are suffering in a hugely disproportionate way to the minuscule amount they have contributed to CO2 emissions. The floods in Pakistan covered a third of the country last year and the water still has not receded in some places, months later. How Pakistan floods are linked to climate change – BBC News. People have lost their homes, are living in tents and are suffering from water-borne diseases.

UN secretary general, Antonio Guterres said at COP27 in 2022: “We are on a highway to climate hell with our foot still on the accelerator.”

Owning or using a private jet in a time of worsening climate crisis is the most obscene act of privilege and it’s a privilege that we cannot afford. The people attending this conference are grotesquely out of touch with the suffering already being experienced by millions in the Global South – and the suffering that’s likely to be experienced by billions more if we don’t drastically reduce our carbon emissions.

Yet they spend their time discussing investment opportunities in fancy hotels, away from any scrutiny or accountability. We disrupted their conference to demand an end to the private jet industry and to be clear that we will not tolerate the destruction of our planet, our homes and our livelihoods so that a tiny minority can continue to live in luxury.

We invite you to meet and talk with us to explain why private jet flights must end now.

2. What’s the target of your campaign – aviation in general or business aviation and why?

Private jets are turbo charging climate breakdown. They are up to 14 times more polluting than commercial planes per person. 

We are targeting the private jet industry because it is an obscene waste of carbon in this age of worsening climate crisis. To call it business aviation is a misnomer – these are luxury flights by the wealthiest few, causing pollution, which is already contributing to fires, floods, heatwaves and droughts around the world, which are killing people.

3. How do you rate industry attempts to mitigate climate impacts via Sustainable Aviation Fuel or carbon offsetting schemes?

This is greenwashing and we do not accept either of these as a solution. For the reasons why they do not work and the only answer is to immediately end all private jet flights powered by fossil fuels, see these excellent explainers from Stay Grounded.

4. What about business aviation’s contribution to the European economy? (It employs 374,000 people in Europe (directly and indirectly) and generates 87bn euros in economic output annually. Plus 70 life-saving or medical flights per day (on average).

These inflated numbers from the total aviation industry are not a genuine indication of the economic and environmental costs and benefits of private jets. The UK has a huge tourism spending deficit and aviation gets away with billions in tax breaks, including paying zero tax on kerosene.

Of course, no one is objecting to medical flights, which are not done by private jet. It is ridiculous to raise this and an attempt to divert attention away from the key issue – the pollution is unacceptable and must end now.

5. Final thoughts?

We disrupted your conference because our climate is in crisis, and people around the world are already suffering and dying from the impacts of this crisis, particularly people in the Global South who have done least to cause this crisis and are now suffering from extreme weather, flooding, drought, heatwaves, storms and forest fires. Nature is being wiped out by rising temperatures. Scientists are warning us that we are getting incredibly close to dangerous and irreversible tipping points, like melting glaciers and the dieback of the Amazon, which will put all of our lives at risk.

The industry is an obscene waste of carbon and it should not exist. There is absolutely no justification for private jet flights, in a world where ordinary people are struggling to afford enough heat and energy and food just to survive. It is completely unacceptable for anyone to produce the level of emissions that come from private jet flights. Online meetings, public transport, electric vehicles are all alternatives to  private flights. Invest in clean energy or clean transport or something else that doesn’t threaten our entire world and everyone in it.

As more and more people see that fossil fuels pose an existential threat to all of us, there will only be more public opposition to private jets and the grotesquely high emissions they produce, all to serve only the most privileged few.

One of the conference sessions was about resisting the threats to the industry. The actual threat is the one the private aviation industry imposes on human survival.

The emissions from luxury aircraft are the worst – they are needless and excessive –  and they mean billions of people are going to starve, or else have their homes transformed into barren scrub desert around them and have to migrate.

This massive global instability will mean mass migration, war and starvation. Is this a price worth paying for your jet set lifestyle?

You seem to think that your choice to fly luxuriously around the world is more important than the right of billions to survive. If you fly, we burn. If you fly, we drown. If you fly, we die.

The outgoing CEO of Shell said the only thing that would stop their climate wrecking is the climate movement. The same is true of private aviation.

We demand a ban on private flights.

You should be talking to people whose health and lives are already being destroyed and who stare into an uncertain future of drought, uncertain food supplies, and temperatures humans cannot survive in.

Johan Rockstrum, director, Potsdam Institute for Climate Impact Research, tells us that by 2070, if we continue with emissions, as many as 3b people will live in uninhabitable zones.

According to Julian Allwood, Cambridge University, by the end of the century, there is also a high probability that countries in Africa and Asia near the equator will not be able to get food through growing it or having enough money to buy it.

1bn people will starve. 3bn in uninhabitable places. 1bn more starving to death. Where will all these people go? They will move North to find food and habitable land.

Cambridge researchers predict a certain world war in the lifetime of anyone born now or before the end of the century.

Let’s talk about luxury.

Philosopher Henry Shue, spoke about the difference between luxury and subsistence emissions: “The former happen because rich people like to wallow in the pleasure of their rank, the latter because poor people try to survive.”

Peasants in India using coal to cook bread or at night getting the dim light from a dying bulb fed by a coal-fired power plant are confined in their choices because the alternative for poor people locked in the fossil economy, as Malm bluntly explains, “might be no stove and no lamp.”

The rich man on his yacht, on the other hand, has the opportunity to scrap the yacht and cease his profligacy and waste, but chooses not to.

This wanton disregard is aggravated by the fact that the hypermobility of the rich is what frees them from having to bother with the consequences, as they can always shift to safer locations.

Luxury needs to be the first to go, to protect the survival of human life.

The private jet industry must, and will, be shut down.

Josie, one of the activists who disrupted the conference, said: “Owning or using a private jet in a time of worsening climate crisis is the most obscene act of privilege, and it’s a privilege that we cannot afford. People are already suffering and dying from climate breakdown – their homes are flooded, their water is polluted – and the private aviation industry is responsible.

 “The people attending this conference are grotesquely out of touch with the suffering already being experienced by millions in the global south – and the suffering that’s likely to be experienced by billions more if we don’t drastically reduce our carbon emissions. Yet they spend their time discussing investment opportunities in fancy hotels, away from any scrutiny or accountability. We disrupted their conference yesterday to demand an end to the private jet industry, and to be clear that we will not tolerate the destruction of our planet, our homes, and our livelihoods so that a tiny minority can continue to live in luxury.”

Top: This morning, Extinction Rebellion and affiliated groups blockaded the entrances to Luton Airport’s Harrods Aviation and Signature private jet terminals. The protesters demand the UK government takes urgent action to ban private jets, tax frequent flyers and make wealthy polluters pay. The protest is said to be part of a global coordinated action launched last week by climate activists across 11 countries, targeting sites in Europe, Australia, New Zealand and US. Image by Extinction Rebellion.

Above: In addition to protests at London Luton Airport, protests have already taken place in Los Angeles,  Brussels and Seville, Spain yesterday and  in  Stockholm, Sweden. Image by Fossil Free London.

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The Indian market is “booming” and is expected to remain strong, according to Simon Davies, sales director, Global Jet Capital.

At the CJI London 2023 conference, Davies, who covers sales in the Middle East, India, UK, Africa, Turkey and Eastern Canada, said: “Contrary to the rest of the world, the Indian market is a booming market with some challenges that are faced by individuals related to protests around ownership of corporate aircraft. But they’re still not deferring the activity and we think that market’s going to remain quite strong.”

He told Corporate Jet Investor (CJI) that the UK market for private jets is “slower than some of the other markets”, having “stumbled our way through what Brexit has been doing to operations”, although he is “still optimistic there are going to be opportunities” for the region.

Discussing the market in the Middle East, Davies said he is “starting to see a lot of activity”. He said a challenge in that part of the world, from a financial perspective, is that many aircraft are bought with cash, which could lead to refinancing in the future. 

Global Jet Capital hosted the Welcome Cocktail Reception on the first day of the CJI London conference.

For more about what was discussed at CJI London 2023, read our report on the conference as it happened here. 

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There may be a slowdown in the market, but it’s still “holding steady”, according to Wayne Starling, executive director, the International Aircraft Dealers Association (IADA). 

Speaking at CJI London 2023 at the Landmark Hotel, Starling told Corporate Jet Investor (CJI): “We’re finding the market right now is still really good, we’re beginning to see some slowdown which moves it back to more of a normal market.”

He added: “But right now, we’re really excited that everything is holding steady.”

Starling also moderated the ‘New vs Pre-Owned’ panel, discussing how Europe, the Middle East and Africa (EMEA) measures up to the rest of the world, and the wait for new aircraft. The rest of the panel was completed by Alex Fecteau, Boeing Business Jets; Hamish Harding, Action Aviation; Zipporah Marmor, ACASS; Fabrice Roger, JSSI; Pascal Bachmann, Jetcraft, and Matt Rosanvallon, Freestream Aircraft.

In January, IADA reported that last year was the strongest year for private jet sales in the history of the association, according to its Fourth Quarter (Q4) Market Report. Starling said that IADA members have “slightly more modest expectations” for the resale market over the next six months compared with a year ago. He added that more moderate projections also applied for the aircraft finance and leasing market.

For more about what was discussed at CJI London 2023, read our report on the conference as it happened here. 

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Cunningham, formerly a partner at DLA Piper, is joining EY along with his team – Richard Skipper, Claire Manley, Anna Powers, Chris Nash and Alice Threadgold. It is a staggered arrival at EY, Cunningham joined last week and the rest of the team will join in stages until the end of January. 

“All of the big four are growing their legal divisions and EY probably, in my opinion, are the most advanced. What that allows us to do as lawyers is to advise clients on a multi-disciplinary basis with colleagues from other professions but under the same umbrella,” Cunningham told CJI.

Back in the 1990s the UK government permitted what are known as multi-disciplinary partnerships. These allow, for example, lawyers and accountants to offer combined services to the same client. Moving away from its traditional base in accountancy and audit, EY’s specialisms include: commercial and business aviation, shipping, marine and superyachts, defence, rail, energy, automotive, equipment leasing and receivables. 

“There is a lot more you can give. Just by way of example, this morning I have spoke to a defence consultant, he was an aeronautical engineer who used to work at BAE Systems, he then did an MBA before moving to EY and now works across government contracting and defence sectors. If I was to work on a project at a traditional law firm I would only work with other lawyers, at EY I introduce him to my clients and he does I,” said Cunningham.

Cunningham compares a traditional law firm to a building society and a big four firm, like EY, to an investment bank – one does a lot more than the other. 

“I don’t want to seem critical because I use building societies we all do. But they traditionally offer limited product, it is essentially savings and residential mortgages. Whereas you compare your traditional Bradford & Bingley to Goldman Sachs there is a whole panoply of services and expertise,” says Cunningham.

 “I think this represents the future of how legal services are going to be provided because lawyers naturally want to work with other professions under the same banner and this is the start of it [for us],” he added.

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The service will be operated using Go Zero’s fleet of all-electric Teslas. The firm operates a corporate chauffeur service in and around London, UK and has been working with Microsoft, Rivian and Taylor Made.

Launched in 2018, Go Zero has since covered 299,049 net green miles and saved 87,000kg of Co2 which is the equivalent to filling 322 London double decker buses, it said.

Jo Goodall, CEO, TAG Aviation Europe, said: “We are delighted to be working with Go Zero Travel, it complements our sustainability offerings and delivers excellent service which is imperative to our business.”

TAG recognises its responsibility as a business aviation, said Goodall. “[Therefore it] seeks opportunities to reduce their carbon footprint which include initiatives in their offices and bases to voluntarily offsetting flights.”

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