As published on Business Wire – Momentum Ventures, a Canadian venture studio, is thrilled to express its support of the Canadian government’s newly unveiled Initiative for Sustainable Aviation Technology (INSAT). The INSAT, backed by a robust $350 million investment from the Strategic Innovation Fund, is a testament to Canada’s commitment to fostering green transformation within the aerospace industry.
As the parent company to Canadian online travel agency FlightHub, and sister company Justfly, Momentum Ventures is inspired and excited by the INSAT initiative. “Its comprehensive approach, targeting key aspects like alternative propulsion systems, advanced aircraft designs, transition to greener fuels, and improved aircraft support infrastructures, resonates profoundly with Momentum Ventures’ roadmap for an environmentally responsible future in aviation,” commented Matt Keezer, Momentum Ventures CEO.
According to the David Suzuki Foundation, the aviation industry is responsible for 12 per cent of transportation emissions. Carbon emissions from the airline industry grew by 75 per cent from 1990 to 2012 and emissions are expected to triple by the year 2050. In fall 2022, the Minister of Transport released Canada’s Aviation Climate Action Plan 2022–2030, which lays out a strategy for achieving net zero by 2050. One of the planned actions is the development and adoption of new green aerospace technologies.
Momentum Ventures champions causes that promote sustainability at their core and has implemented a range of eco-friendly programs for its employees. One of these programs includes the Drive Green program, which subsidizes its employees’ monthly electric vehicle payments. Additionally, the company subsidizes monthly public transit passes, encouraging the use of public transportation as an alternative to driving. Momentum Ventures is confident that the combined efforts of industry stakeholders, innovative companies, and government initiatives like the INSAT will catalyze the much-needed transition to a cleaner aviation industry.