CNN
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The global private jet fleet has more than doubled in the last two decades and the market is on fire, with new industry records set for transaction and dollar volume in 2021 and 2022, according to a new report by the US Institute for Policy Studies.
Private jets emit at least 10 times more pollutants than commercial planes per passenger, disproportionately contributing to the aviation sector’s climate impact, according to the report, which was published in May 2023.
What’s more, while approximately one out of every six flights handled by the Federal Aviation Administration is private, the sector only contributes 2% of the taxes that primarily fund the agency.
Amid these concerns, one private jet owner has decided to scale back. Stephen Prince, vice-chair of the Patriotic Millionaires – a group of wealthy Americans pushing for higher taxes which also contributed to the report – is giving up his Cessna 650 Citation III.
He decided to ditch the plane – a mid-size, long range corporate jet with room for up to nine passengers – after he learned how much more carbon-intensive flying private is compared to commercial.
“I was gobsmacked by the fact that by being so in love with private air travel, I was willing to ignore what a horrible travesty I was perpetrating on the environment and on future generations,” he tells CNN. “I’ve got to change. I just can’t continue to do this.”
Prince has owned half a dozen private jets before the Citation III, which is the largest and most expensive to operate he’s ever had – the running costs alone work out at about $275,000 to $300,000 per year. He says flying private is so good, it becomes addictive.
“It’s just absolutely the best way to travel. But I’m going to give it up. I’m just going back to flying commercially, as much as I despise the process after having flown privately for the last six or seven years,” he says. “TSA, long lines, canceled flights, lost luggage – I despise all the things that go along with it. And when you fly first class, it’s not cheap, either. But I made my decision back in March this year. And I’m sticking with it, I’m selling it, I’m going to aggressively get rid of it.”
The Cessna is currently worth about $1…
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