ICAO says about $120b to be spent worldwide to upgrade global aviation system next 10 years

The International Civil Aviation Organization (ICAO) says about $120 billion will be invested in upgrading the global aviation system in the next ten years.

This expenditure, ICAO says is to enhance safety, efficiency and overall sustainability in the aviation industry.

“Over the next 10 years, some $120 billion will be spent worldwide on upgrading the global aviation system to enhance safety, efficiency and overall sustainability. We have to ensure that it is done in a timely, coordinated and harmonized manner around the world,” Raymond Benjamin, Secretary General of ICAO said in a statement.

According to the organisation, it has presented a proposal to the international aviation community that will assist in the modernization of air traffic management systems in order to cope with the anticipated doubling of passenger traffic to some five billion by the year 2030.

The approach proposed by ICAO, the statement said will provide a level of investment certainty for operators, infrastructure providers and equipment manufacturers.

It will also outline a regulatory approval process to support states in the introduction of significant changes, it adds.

By Ekow Quandzie