Jet2: navigating climate risk
Client challenge
As part of its commitment to taking action today for a better tomorrow, reducing environmental impact, and becoming a more responsible business, leading British leisure travel company Jet2 sought to understand the physical risks posed to their business by climate change. The goal was to identify mitigation strategies that would ensure the long-term success of the business, whilst aligning with the Taskforce on Climate-related Financial Disclosures (TCFD).
Airlines face growing physical risks from climate change that can disrupt operations and increase costs. More frequent and severe weather events, such as storms, heatwaves, wildfires and/or flooding, can damage airport infrastructure, delay or endanger flights, and/or reduce airspace availability. Rising temperatures also affect aircraft performance, potentially increasing fuel use and limiting payloads. In addition, turbulence linked to more unstable weather patterns presents challenges for safety, passenger comfort, and fuel efficiency.
Jet2’s business covers end-to-end holiday solutions, including flights, hotels and transfers. To understand business risks from forecast climate changes, Jet2 needed support from experts in climate change combined with practical aviation knowledge to map physical hazards across the business.
Ricardo Solution
Our project team, led by Ricardo, included experts from Skylight Aviation to bring even greater sector insight to the project. We used International Panel on Climate Change Shared Socio-Economic climate scenarios to identify climate hazards at key Jet2 sites, including operations bases, primary destinations and maintenance, repair and overhaul bases. Following our proven climate risk methodology, we worked with the Jet2 senior management team to identify climate perils and deliver a comprehensive physical risk assessment. This work also considered the vulnerability and adaptive capacity of each site, aligning with the Jet2 Business Continuity Plan.
Our business continuity and operations experts then identified and presented practical mitigation and adaptation measures, offering clear, actionable recommendations.
Our ESG team developed the physical risk sections of Jet2’s TCFD-aligned climate disclosures to incorporate within Jet2’s annual disclosure, supported by an evidence-based report for the auditors, along with concise executive summaries to brief Jet2’s leadership and support wider internal understanding of the risks and proposed actions.
Client benefit
Ricardo’s team, including Skylight Aviation, delivered technically robust insights that were clear and practical, allowing Jet2’s decision-makers to fully understand the implications of physical climate change impacts.
Our recommendations enable Jet2 to take proactive steps for risk management and improve resilience, potentially avoiding future safety, financial and reputational damage. Our reporting supports a best-in-class TCFD disclosure enabling Jet2 to clearly communicate to the market the positive action they are taking to tackle the physical impacts of climate change.
"Jet2 is committed to operating as a responsible business, and Ricardo’s expert insights have helped us clearly understand the physical risks that climate change poses to our operations. Their support has enhanced our resilience planning and enabled us to deliver a best-in-class TCFD disclosure that clearly reflects our dedication to responsible and sustainable practices."
Paul Southall, Head of Sustainability, Jet2
“There are already many examples of climate change impacting holidays and business travel plans, whether the wildfires in Greece, turbulence over the Atlantic or flooding in Dubai. It is essential that businesses across the sector, from airlines to ground handlers, understand where they are at risk and what mitigations are needed. Jet2 have demonstrated on many occasions they have robust risk management processes in place and are taking the risks posed by climate change to their operations very seriously”
Simon Morris, Sustainable Aviation Specialist, Ricardo
“Aviation is a complicated business that places risk management at its core. Identifying risks and mapping them across the business provides the risk management framework. Jet2 recognise the importance of climate change and the need to identify and mitigate climate risks is a key part of the business. Teaming with Ricardo allowed Skylight to bring real world aviation knowledge into the mix so that risks were identified and mitigation measures meaningful to the front-line staff were recommended.”
Michael Coltman, Senior Advisor, Skylight Aviation
Further Information
- Get in touch
- ESG support including climate risk
- Support for the aviation sector
- How to master the art of climate scenario planning
- Simplifying climate risk for corporate decision makers