Recently, the CEO of investment behemoth Blackrock Laurence declared that sustainability is taking centre stage in the company's investment approach. Mr Fink remarked that over his 40 years in finance, even when crises such as inflation spikes, the dot-com bubble and the global financial crisis lasted many years, "they were all in the scheme of things, short term in nature".
Climate change is different, he said. "Even if only a fraction of the projected impacts is realised, this is a much more structural, long-term crisis. Companies, investors and governments must prepare for a significant reallocation of capital".
As companies wake up to the fact that investors will hold them accountable for the efforts to combat global warming, there is also the possibility that corporate travel patterns could change.
"Our concern is that over time, more companies will press their employees to rethink their travel strategies, putting pressure on corporate revenues," said Cowen and Company's Helane Becker in a recent research report. "In addition, millennials, the largest and fastest growing cohort of travellers, like new experiences, but are also socially responsible."
As millennials continue to enter the workforce, said Ms Becker, "we expect them to push back on non-essential travel".
Overall, travel brands that show a genuine commitment to environmental stewardship will reap long term benefits of brand loyalty created by their pledges to sustainability.
Preferred Hotels and Resorts recently cited booking.com's Sustainable Travel Report in which 58% of travellers stated they would consciously avoid visiting a destinations if it is shown to negatively impact the people who live there.
"Hospitality brands that move beyond greenwashing to demonstrate how they are minimising their social and environmental footprint are reaping the rewards in customer loyalty and share of wallet," said Michelle Woodley, president of Preferred Hotels and Resorts.
At the CAPA Qatar Aviation Aeropolitical and Regulatory Summit that is currently taking place in Doha, European Commission's head of unit for aviation agreements, stated the aviation industry is not so unique that it should be exempt from wider efforts to reduce emissions and combat climate change. Mr Acosta opined that the aviation industry cannot shelter itself from what the rest of the economy is facing. He added: "Aviation needs to be sustainable, there is no other choice".
Speaking during a panel discussion at the summit, Embry-Riddle Aeronautical University's dean of its college of business, Maneesh Sharma, identified that the consumer is at "the centre of the storm" in terms of sustainability issues and the aviation industry. Mr Sharma added: "the stronger driver of this is the consumer side", with consumers asking airlines "can you meet my standards of corporate social responsibility?".