Business travel by the world’s biggest companies fell by 34% between 2019 and 2023, the fourth edition of the Travel Smart Ranking finds. Global multinationals are now flying less, but a main obstacle to progress remains: 44% of the 326 companies in the ranking still have no target applying to business travel, putting overall progress at risk [1] [2].
Top flyers without targets should follow the trend set by leading companies
The lack of targets is especially worrying when it comes to top flyers. The ranking singles out global companies that have the largest business flying footprints but no targets [3]. Shell, WPP, Reckitt Benckiser and BAE Systems are among this list. The top 25 global flyers, some of which claim to be green leaders, have not taken credible steps to set targets for years despite their flights emitting annually a total of 6.9 Mt CO2. This is the equivalent of the climate footprint of 48,000 single flights travelling from Paris to New York, or 1.3 times the yearly aviation emissions of Belgium [4]. Moreover, at least 19 of the top flyers – or their CEOs – own or charter private jets. These include Shell, Johnson & Johnson and Meta.
The record of Reckitt Benckiser and BAE Systems when it comes to business flying is particularly disappointing. The travel emissions of BAE Systems returned to 17% below 2019 levels, while Reckitt Benckiser even surpassed earlier levels and increased its travel footprint by 6%. Companies need to remain vigilant: while Lloyds Banking retains an A rating due to its continuing commitment to reduce domestic travel emissions, it has dropped some positions after excluding international trips from its emissions target.
On the other hand, companies like AstraZeneca show less flying is both possible and compatible with successful business. AstraZeneca set a target in 2020 and its business flying has dropped by 52% since 2019, thanks to measures including giving preference to virtual meetings and travelling by train for trips under four hours. Two other British companies, Abrdn and Fidelity International, are among the ten best performers, ranking fifth and seventh respectively. However the majority of UK firms are lagging behind in setting targets, as only 11 in 40 have specific air or business travel limits.
Florence Long, Communications and Administration Officer at the Aviation Environment Federation, says: “The shift toward purposeful travel and flying less is becoming increasingly evident. Many companies are successfully adapting to this trend while maintaining their competitive edge. However, some laggards are putting overall progress at risk. In the UK, most of the largest companies have yet to set clear targets, while others, like HSBC and Lloyds, claim to be taking steps to reduce greenhouse gas emissions while they are in fact scaling back their efforts to cut air travel. It’s disappointing to see such companies moving in the wrong direction. They should be refining their strategies to reduce business travel emissions and strive to lead by example”.
More specific targets lead to more effective reductions
Companies who put targets in place achieve on average more significant reductions in business travel emissions, the ranking also finds. Businesses who have set targets specifically for air travel like EY, reduced their emissions by 48% since 2019. On the other hand, those with a less specific business travel target like PwC, reduced their footprint by 41%. Businesses with a broader target (including business travel together with other sources of emissions) like Vodafone, saw reductions of 35%. However, companies with no targets addressing business travel like Barclays reduced their emissions by only 28% [5].
This year, seven companies progressed from B to A in the Travel Smart Ranking, while HSBC dropped from A to B due to reducing the ambition of its target from 50% to 40%. Global consulting firms SGS and Arthur D Little set new business travel targets, while LTI Mindtree, Roland Berger and McKinsey raised the ambition of their existing targets. And five more companies started reporting the full climate impact associated with their business flying by including non-CO2 emissions, amongst which BAE Systems. The latest data confirms that reduced corporate flying helps to keep the overall emissions of the aviation sector from quickly growing again [6].
Denise Auclair adds: “Specific targets are essential for the climate responsibility of companies, to successfully reduce their business travel emissions. Leading companies have shown that the combination of specific targets together with a toolbox of strategies to reduce flying is working, and makes good business sense. It’s high time that the laggards join this transformation to a future where air travel no longer compromises the health of our planet and people.”
Note to editors
The Travel Smart Ranking ranks 326 US, European and Indian companies according to 11 indicators, relating to air travel emissions, reduction targets and reporting. Companies are given an A, B, C or D grade. In this year’s fourth edition of the ranking, 21 companies achieved an A grade, 35 a B, whilst the overwhelming majority (242) received a C. 28 companies received a D grade. The emissions data corresponds entirely to 2023. The most recent available information for targets was used. In most cases this referred to 2023 and in a few others to 2024.
This ranking covers corporate flying, which is key to reducing emissions and to the future of sustainable aviation. Broader aspects of a company’s business model should also be addressed for it to be considered a leader in sustainability.
[1] The Travel Smart campaign is a global effort to help businesses move towards purposeful travel and reduce corporate emissions, while accelerating innovation and scale-up of advances in sustainable travel and business connectivity. The campaign asks companies to set targets of at least a 50% reduction in air travel emissions for 2025-2030. The goal has been established based upon the rigorous analysis in T&E’s Roadmap to climate neutral aviation, which shows that a 50% reduction in overall business travel emissions is needed during this decade to keep aviation within a 1.5°C-compatible pathway.
[2] The -34% overall reduction in emissions is based upon an analysis of the business travel emissions of the 239 companies (out of 326 in the ranking) which published data for 2023 that allowed us to make a valid comparison with their 2019 data.
[3] JPMorgan Chase was not part of the top flyers without targets in 2019. However, if this group were to be based on emissions in 2023, it would feature in the top 25.
[4] 5.2 Mt CO2 based on UNFCCC reporting.
[5] Air travel (AT) targets apply most specifically to emissions from flying. Business travel (BT) targets apply less specifically to emissions associated with travel by air, rail, bus, automobile as well as hotel stays. Broader targets apply to a larger number of sources of emissions including business travel. No target means the company has not set any target applying to business travel.
[6] The most recent report by Cirium, 2024 commercial aviation emissions grow above 2019 levels, showed that overall aviation emissions are now 1% higher than in 2019, with those from passenger aircraft remaining 3% lower, while those from freight aircraft rose by 40%. Without the reductions in business flying, this overall increase would be bigger.