Business aviation investment company Earth Air provides immediate liquidity to entities searching for capital as well as transaction and management services, but it does so "with an eye principally and primarily on the environment first," according to Andrew Lessman, Earth Air founder and partner. To that end, the company claims to be the world’s first carbon-neutral aircraft company. Earth Air pledges to offset any environmental damage that carbon emissions from its aviation operations may cause in hopes that other business aviation companies will be inspired to follow suit.
“The goal is to provide an environmentally responsible alternative within this industry to hopefully encourage others" to also operate in an environmentally friendly manner. "Whether we engage in acquiring an FBO or MRO or buying and selling aircraft, we will engage in the business responsibly [and] transparently," said Lessman.
According to Earth Air, a large private jet produces approximately 15,000 pounds of Co2 in the first 60 minutes after takeoff while super-midsize jets produce about 50,000 pounds of CO2 during a roundtrip flight between New York and Los Angeles. Additionally, a typical jet flying only 500 hours per year can produce two to five million pounds of CO2 annually.
“It costs very little to efficiently, ethically, and effectively offset the carbon footprint that these aircraft create or that the operations associated with this industry create,” explained Lessman.
To offset its associated carbon emissions, Earth Air has pledged to plant or preserve more than one million trees in protected forests each year. Planting trees, the company says, unlike purchasing less expensive carbon credits, focuses more on sustainability rather than profit.
“We will offset through a remarkable hardwood reforestation project in the state of Minnesota. All of their carbon offsets are certified and approved by all of the appropriate regulatory bodies. Earth Air, in terms of its carbon offset, will be structured as a non-profit. We will make offsets available to others with no intent of profiting from the sale of those carbon offsets,” said Lessman.
Earth Air has a $200 million line of credit that allows for a venture capital arm and expertise to be extended to aircraft investors. Earth Air offers a full suite of management, advisory, and transaction services.