Quebec Business Transition Barometer – Aerospace Sector 2023
Low-carbon economy: Aerospace manufacturing companies are more mature than companies in Quebec as a whole
Montreal, October 26, 2023 – QNP, an independent non-profit think tank, unveils today the results of the Quebec Business Transition Barometer for the aerospace sector of Quebec.
The study, conducted with the support of Aéro Montréal, aims to measure the level of commitment of manufacturing companies in the aerospace sector towards climate action and the transition to a low-carbon economy. QNP commissioned the research firm Léger which conducted this study with 48 executives from the aerospace sector, from June 15 to July 17, 2023. Data from the aerospace sector were compared to those from QNP’s Quebec Business Transition Barometer, conducted with 501 senior executives and whose results are representative of the entire Quebec economy.
“The Barometer reveals that the number of companies in the aerospace sector that believe they are operating within a business ecosystem conducive to the transition to a low-carbon economy is significantly higher than for all companies in Quebec, a strength for committing to a plausible transition pathway,” emphasizes Anne-Josée Laquerre, General Director and co-initiator of QNP. “This conducive environment for transition is reinforced by the commitment of management teams and boards of directors, which is the main source of pressure to reduce greenhouse gas (GHG) emissions within Quebec’s aerospace sector.”
“The Sectoral Barometer has highlighted that companies in our sector are increasingly seeing benefits and opportunities related to climate action and the acceleration of the transition to a low-carbon economy,” says Mélanie Lussier, President and CEO of Aéro Montréal. “The data revealed by QNP encourages us to continue the support we provide through the eco-responsibility initiative to assist the transition of cluster companies.”
Here are the main highlights from the Aerospace Industry Transition Barometer(compared to all businesses in Quebec):
- The maturity level of the aerospace sector in response to climate action stands out compared to all businesses in Quebec.
- 71% believe they operate within a business ecosystem conducive to the transition to a low-carbon economy (vs. 52%)
- Management teams and boards of directors are significantly more committed than those of all Quebec companies and are the main source of pressure to reduce greenhouse gas (GHG) emissions in the sector (52% vs. 13%).
- They are significantly more confident about reducing their GHG emissions in the medium and long term: within five years (71% vs. 52%), by 2030 (85% vs. 53%), and by 2050 (79% vs. 56%).
- Significantly more companies in the aerospace sector have conducted at least one greenhouse gas (GHG) emissions inventory and set GHG reduction targets.
- Half of respondents have carried out at least one greenhouse gas (GHG) emissions measurement, at least partially (50% vs. 13%).
- A quarter has already carried out several GHG inventories (25% vs. 4%).
- Nearly a quarter have set reduction targets (23% vs. 11%)
- Aerospace companies are more likely to perceive benefits and opportunities (60% vs. 21%) related to climate change and the acceleration towards a low-carbon economy. low-carbon economy
- The business opportunities perceived by companies in the aerospace sector that stand out from all Quebec companies are “positioning themselves as the supplier of choice, preserving and consolidating business relationships with customers and major contractors” (44% vs. 16%) and “reducing dependence on fossil fuels and the impact of carbon costs ” (23% vs. 7%).
- Although more women perceive risks related to climate change and the acceleration toward a low-carbon economy (38% vs. 12%), these risks are essentially the same as those perceived by all businesses in Quebec.
- Climate literacy is significantly higher in the aerospace sector.
- When asked about their familiarity with several climate-related terms, the level of knowledge among aerospace industry leaders was significantly higher for the vast majority of terms surveyed compared to Quebec businesses as a whole. In addition, only 4% of respondents said they were unable to explain “any of the proposed choices” in their own words, compared to 23% for Quebec executives as a whole.
For the purposes of this study, a “low-carbon economy” is defined as an economy in which trade is compatible with low greenhouse gas (GHG) emissions and climate change resilience, in accordance with the commitments made by the signatories to the Paris Agreement, including Quebec and Canada.
For more information :
- To see the Quebec Business Transition Barometer for the Aerospace Sector 2023: click here
- To produce asector or regional Barometer: contact us.