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As the global vaccination program continues to be rolled-out, people have regained confidence in flying and are keen to travel. This can be seen in the recovery of domestic travel in large markets such as North America and China. Lessors and investors have taken confidence in this and this can be seen through the re-emergence of the ABS market in the last 12 months. Further signs can be seen through private equity investment in new leasing platforms as they recognise the long term viability of the aviation industry. We have also seen consolidation within the leasing market such that Carlyle announced its intention to acquire AMCK and last month, Dublin-based AerCap acquired GECAS to create the world's biggest aircraft lessor. We would expect this to continue in the short to medium term. Aviation faces significant pressure to reduce its environmental impact, from both consumers and governments. As such the industry is committed to cutting CO2 emissions to half 2005 levels by 2050.
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