Thank you, Camil. Great to see you all here. We will have a full day of debates, civilian aeronautics and defense in the afternoon, like we usually do. And I must say it's a pleasure to see so many of you here. It is important that you commit to the leadership of European industry, of course, not the least today in all the geopolitical tensions that we have and war in Europe. We also have a media partner here today, you active, that we work with. Thank you for joining us and helping us out. We have many distinguished speakers this morning, and especially I would like to welcome Commissioner Apostolos Tzitzikostas, MP Kristof Grudle, and of course all my colleagues CEOs here, and the former chairman of ASD is here. Thank you for coming and taking a view of how to run the business now going forward.
We couldn't have been here in a more important time, I think. And we are a little bit at a crossroads, not a little bit maybe. And we have absolutely a big geopolitical uncertainty, as I said, and also the competitive issues around Europe are really urgent to manage. And also the green transition, of course, and digital transition. So we have a lot to discuss. And civil aeronautics is one of the sectors where we are and have achieved a sort of global leadership. We represent 40% of the worldwide civil aeronautics market by value, and the European manufacturers are market leaders and account for approximately 45 to 50%, as I understand, of the global large commercial aircraft deliveries worldwide. This is extremely impressive. The automotive sector, of course, shows that even a flourishing industry can easily be put to risk. And therefore, I think the EU needs an industrial strategy for civil aeronautics to set the right conditions to enable this industry to continue leading at the global level, of course.
On environmental issues and impact, the industry is working so well. We have therefore managed to address this through an industrial strategy for civil aeronautics, which we will hand over to the Commissioner later today after his keynote. CO2 emissions, making flying more sustainable long term, and the Destination 2050, as you know, lays out a long-term vision along with many concrete solutions to the complex challenges of reaching net zero CO2 emissions from all flights departing from the EU, UK, and EFTA. Decarbonizing the aviation sector is, of course, a substantial investment. To start with, the updated Destination 2050 estimates a total expenditure of 2.4 trillion euros. To meet that challenge, of course, we must sustain and increase both private investments but also public investments, while fostering closer coordination and alignment among EU initiatives and member states. So making the Destination 2050 roadmap a reality is something that we really need to discuss, and that requires a strong partnership between the European civil aviation sector, of course, and all the EU institutions.
Later today, of course, we still have great uncertainty. We still have war in Ukraine, a tragic war, and this reminds us all the time about how fragile peace is. I won't go into the debate whether this negotiation will end in a reasonable peace or Ukraine being part of the partnership and building their own society and living the way they want to live. So we as European industry have taken this seriously, and we spend a lot of money now to invest in capacity to protect our continent and our societies. There has been progress when it comes to defense. Definitely, we are coordinating more diligently between the EU and NATO. Many companies are spending tremendous money in increasing capacity, and all of us recognize that a resilient Europe is of necessity going forward. We just have to understand that we cannot allow ourselves to go back to a peace dividend. So what we need still from an industry perspective is, of course, commitment that our investments will not be dismantled again, not allowing ourselves to go below a critical mass when it comes to competencies, infrastructure, and all the investments we are doing. Many of us have invested in new production facilities and new capabilities that have to be retained and remain for decades to come. And some of the volume backlogs are still like three to five years. So that's what we have right now. We need to agree with our governments that we are prepared to pay an insurance premium to keep Europe resilient and have deterrents for a long time to come. That is super important to us going forward.
Of course, we have many issues when it comes to growing the whole ecosystem. As primes in this area, we need to bring with us all the startups, the ecosystem of tech companies to help us going forward. We need to understand this is not something you turn on and off. I mean, defense is something that is really long term, and so we need this government relationship that I mention. So all these EU support mechanisms, incentives that we see, the SAF, the EDIP, all the programs, is really important to us. And now we look at the next long-term EU budget, which we hope will now include a substantial defense component. It looks promising, but the negotiations have just started. We need to support the strong European pillar of NATO, obviously.
So our goal must be, from an ASD perspective, to have a very strong competitive European defense industry delivering absolutely state-of-the-art products, but at scale and on time. And I do think that we need to recognize that we have too much third-country dependencies today, of course, when it comes to raw materials and components. But we also need to create a direction of spending more European. We need to make sure that we have the sign authority and we are moving in the right direction. That's really important to me. So it looks good when it comes to the next multiannual financial framework, but it's a big negotiation that will happen, of course, and that will involve billions.
So finally, I would say that our message is clear. I think Europe has the capability. I think we underestimate the strength of the European industry. I think we can do even more. We have technology, we have the talent. With the right policies and regulations, we can do a lot more to deter the threats that we have to our east. And we must work on competitiveness and resilience, of course, to also be a leader in the global perspective. So I do want to support, not force, but support the way forward in pushing for collaboration. I have a bit of a fear that we have lots of money in the system right now, and if we topple, that is important for many capabilities. With that said, we are committed to support the way forward, and we will have many important discussions today.
