Axios Live: Formula One drives sustainability and culture in Austin

AUSTIN, Texas — Formula One is accelerating its sustainability goals to be "pioneers" in the space while deepening its cultural footprint, said Liam Parker, Formula One chief communications and corporate relations officer, at an Axios event.

Why it matters: F1 aims to reach net-zero carbon emissions by 2030 and sees its platform as a vehicle for broader societal impact.

• Axios' Sara Fischer hosted conversations with Parker and Austin Mayor Pro Tem Vanessa Fuentes. The Race Media founder Darren Cox hosted a conversation with Formula One broadcaster James Hinchcliffe as an event editorial partner. The Oct. 16 event was sponsored by Aramco.

What they're saying: "What we are clear on is that as a brand, we need to be more than just a sport, and we need to represent values that are important to society and Formula One," Parker said.

Formula One is going beyond the sport, and that includes diving into the culture and entertainment space.

• "The sport is still the core of who we are, but we've become a cultural phenomenon, we've become an entertainment phenomenon," Parker said.

Case in point: Hinchcliffe touted the Netflix documentary "Formula 1: The Drive to Survive" as an open door for F1 first-timers.

• "The show allowed people to see a little bit about it, learn a bit about it," he said. "But then they started tuning in, not just to the races, but what F1 did so well was really embrace this digital culture — this creator culture — and that's where so many of the young minds and young sports fans of today are consuming their information."
• "You created an entire new ecosystem online tailored to this new demographic," Hinchcliffe said.

Circuit of the Americas (COTA) has also boosted Austin's economy, but Fuentes said the partnership with the racetrack was "done with the community in mind."

• "We wanted to make sure … we had community benefits, that they were good neighbors, to the school district, to the individuals surrounding the racetrack, and COTA has really stepped up and been an incredible partner for our community," she said.

Sponsored content:

In a View From the Top conversation, Andy Cowell, the Aston Martin Aramco Formula One's CEO and team principal, and Ali Al-Meshari, Aramco's SVP of technology oversight and coordination, highlighted the importance of partnership among all parties involved to develop advanced sustainable fuel.

• "We're partnering with Honda to create a power unit and Aramco [is] providing the fuel and Valvoline, the lubricant," Cowell said. "And to bring the fastest race car together, it's pulling all of that together — all of those systems together — in harmony."