奥纬咨询&WEF：2023未来机场融资白皮书：绿色转型工具包（英文版）VIP专享VIP免费

下载本文档

阅读 516
格式 pdf
大小 3.14 MB
约40页
2023-12-22
收藏
点赞(0)
海报
举报

Financing The Airports

Of Tomorrow:

A Green Transition Toolkit

WHITE PAPER

NOVEMBER 2023

In collaboration

with Oliver Wyman

Contents

Images: Getty Images

may be reproduced or transmitted in any form or by any means, including

photocopying and recording, or by any information storage and retrieval system.

Disclaimer

This document is published by the World Economic Forum as a contribution to a

project, insight area or interaction. The ﬁndings, interpretations and conclusions

expressed herein are a result of a collaborative process facilitated and endorsed

by the World Economic Forum but whose results do not necessarily represent

the views of the World Economic Forum, nor the entirety of its Members,

Partners or other stakeholders.

Foreword

Executive Summary

1 The airport ecosystem and drivers of decarbonization

1.1 Onsite and offsite ecosystem

1.2 Drivers of airport decarbonization strategy

1.3 Airport driver matrix

2 The airport decarbonization roadmap

2.1 Decarbonization roadmap overview

2.2 Near term: Create a credible, science-based strategy

2.3 Mid-term: Reduce Scope 1 and 2 emissions

2.4 Long-term: tackle the challenge of Scope 3 emissions

3 Airport ﬁnancing toolkit

3.1 Airport driver matrix determines access to ﬁnancing

3.2 Airport decarbonization ﬁnancing options and case studies

4 Looking Ahead

4.1 Airports as an energy hub

4.2 Hydrogen infrastructure

4.3 Hybrid ﬁnancing

4.4 “Do nothing” is not an option

Conclusion

Contributors

Endnotes

Financing The Airports Of Tomorrow: A Green Transition Toolkit 2

Financing The Airports Of Tomorrow:

A Green Transition Toolkit

November 2023

Foreword

The World Economic Forum and Airports Council

International (ACI) World are co-leading the Airports

of Tomorrow initiative, which seeks to address the

energy, infrastructure and ﬁnancing needs of the

aviation industry’s transition to net-zero carbon

emissions by 2050. The initiative has convened

executives from across the aviation ecosystem with

an aim to accelerate the move towards increased

sustainability and resilience.

The Airports of Tomorrow initiative comprises four pil-

lars of work — infrastructure, sustainable aviation fuel,

ﬁnancing and innovation. The focus of this document

is pillar 3, ﬁnancing global airports’ green transition.

This report presents key ﬁndings of our research in

the form of a toolkit intended to help airports chart

a path to net zero through decarbonization-related

projects and investments. The content includes

strategies to access necessary ﬁnance, guidance

for strategic planning and best-in-class examples

of airports today. The report also seeks to provide

the broader ecosystem of stakeholders, including

ﬁnancial institutions and policy-makers, with greater

insight into the challenges facing global airports as

they work towards net zero.

The toolkit is focused on transition projects

for which airports might seek funding, such as

onsite airport infrastructure to facilitate the use of

sustainable aviation fuel (SAF). It does not include

off-campus investments, such as SAF reﬁneries.

While all elements of an airport’s sustainability

strategy are essential to the business, the focus

of this report is on decarbonization and how the

transition to net-zero greenhouse gas emissions will

be ﬁnanced.

This work was developed by the World Economic

Forum in partnership with Oliver Wyman, ACI

World and sustainable mobility and airport

infrastructure company Mundys.

Laia Barbarà

Head, Climate Strategy,

World Economic Forum

Rana Nawas

Partner, Transportation

and Services Practice,

Oliver Wyman

Financing The Airports Of Tomorrow: A Green Transition Toolkit 3

/40

下载本文档

文本预览下载提示常见问题

IncollaborationwithOliverWymanFinancingTheAirportsOfTomorrow:AGreenTransitionToolkitWHITEPAPERNOVEMBER2023Images:GettyImagesContentsForeword3ExecutiveSummary41Theairportecosystemanddriversofdecarbonization51.1Onsiteandoffsiteecosystem61.2Driversofairportdecarbonizationstrategy91.3Airportdrivermatrix142Theairportdecarbonizationroadmap152.1Decarbonizationroadmapoverview162.2Nearterm:Createacredible,science-basedstrategy182.3Mid-term:ReduceScope1and2emissions182.4Long-term:tacklethechallengeofScope3emissions203Airportfinancingtoolkit233.1Airportdrivermatrixdeterminesaccesstofinancing243.2Airportdecarbonizationfinancingoptionsandcasestudies254LookingAhead314.1Airportsasanenergyhub324.2Hydrogeninfrastructure324.3Hybridfinancing334.4“Donothing”isnotanoption33Conclusion34Contributors36Endnotes37DisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.©2023WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit2November2023FinancingTheAirportsOfTomorrow:AGreenTransitionToolkitForewordRanaNawasPartner,TransportationLaiaBarbaràandServicesPractice,Head,ClimateStrategy,OliverWymanWorldEconomicForumTheWorldEconomicForumandAirportsCouncilofairportstoday.ThereportalsoseekstoprovideInternational(ACI)Worldareco-leadingtheAirportsthebroaderecosystemofstakeholders,includingofTomorrowinitiative,whichseekstoaddressthefinancialinstitutionsandpolicy-makers,withgreaterenergy,infrastructureandfinancingneedsoftheinsightintothechallengesfacingglobalairportsasaviationindustry’stransitiontonet-zerocarbontheyworktowardsnetzero.emissionsby2050.TheinitiativehasconvenedexecutivesfromacrosstheaviationecosystemwithThetoolkitisfocusedontransitionprojectsanaimtoacceleratethemovetowardsincreasedforwhichairportsmightseekfunding,suchassustainabilityandresilience.onsiteairportinfrastructuretofacilitatetheuseofsustainableaviationfuel(SAF).ItdoesnotincludeTheAirportsofTomorrowinitiativecomprisesfourpil-off-campusinvestments,suchasSAFrefineries.larsofwork—infrastructure,sustainableaviationfuel,Whileallelementsofanairport’ssustainabilityfinancingandinnovation.Thefocusofthisdocumentstrategyareessentialtothebusiness,thefocusispillar3,financingglobalairports’greentransition.ofthisreportisondecarbonizationandhowthetransitiontonet-zerogreenhousegasemissionswillThisreportpresentskeyfindingsofourresearchinbefinanced.theformofatoolkitintendedtohelpairportschartapathtonetzerothroughdecarbonization-relatedThisworkwasdevelopedbytheWorldEconomicprojectsandinvestments.ThecontentincludesForuminpartnershipwithOliverWyman,ACIstrategiestoaccessnecessaryfinance,guidanceWorldandsustainablemobilityandairportforstrategicplanningandbest-in-classexamplesinfrastructurecompanyMundys.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit3ExecutivesummaryTheworldisfacingaclimatecrisisandindustriesAirportstraditionallydrawfinancingfromavarietyandcountriesarebeingaskedtocutgreenhouseofsourcesoutsideoftheirprofitsandcapitalgas(GHG)emissionstonetzeroby2050.Aviationreserves.Forexample,state-ownedairportscontributesabout2%oftotalworldemissions,receivestatefunding,whilemostairportsofprimarilyfromtheburningoffossilfuelbyairlines.1sufficientsizealsolooktoprivateequity,banksTheInternationalCivilAviationOrganization(ICAO)andbondissuesforadditionalfinancialsupport.anditsmemberstateshaveagreedtoalong-termWhenlookingtofunddecarbonizationprojects,aspirationalgoal(LTAG)fortheindustrytoreachnetairportscanalsoconsideralternativesources,zeroby2050.2Thisdecarbonizationundertakingwillsuchassustainability-linkedbondsorloansandrequirethesectortospendanestimated$5trillion,greenbondsorloans.Thetoolkitsummarizeswithairportsresponsibleforasmallpercentageofallknownfinancingoptionsthatsupportthatinvestmentaswellasafractionoftheindustry’sdecarbonizationprojectsandincludescasetotalemissions.3studiesforhoweachfinancingtoolhasbeenused.AirportsareahighlyinterconnectednetworkofInadditiontothefinancingtoolkit,thisreportonsiteandoffsitestakeholderswhorelyoneachdiscussestheroleanairportmayassumeasanothertoservetheendcustomer.Themajorityofinfluencerondecarbonization,potentiallyabletoanairport’sGHGemissionsarenotdirectlycausedpersuadeotherecosystemmemberstomovemorebytheairport’sownoperationsbutareinsteadquicklytoreduceGHGemissions.Italsoexaminestheproductoftheactivitiesofotherecosystemthelong-termnatureofthedecarbonizationparticipants,notablyaircraftoperators.4strategiesthatairportswillneedtodevelop.Still,airportswillplayakeyroleinthesector’sAirportsareessentialelementsofmodernsociety,decarbonizationeffortsthroughtheprovisionofcreatingeconomicopportunity,servinglocallow-carbonfuelsandarealreadybeginningtocommunitiesandconnectingpeople.Whiletheadoptdecarbonizationstrategiestoreducetheirchallengetheyfacetodecarbonizeissubstantial,owncarbonfootprints,startingwiththeemissionsitisfarfromimpossible.Byworkingwithotherdirectlyundertheircontrol.Thistoolkitisdesignedecosystemmembers,accessingsupportfromtosupportthoseeffortsbyprovidingairportfinancialinstitutions,investorsandgovernments,andexecutivesaroundtheworldwithpotentialwaystoprioritizingdecarbonizationprojectsintheirstrategicfinancetheirdecarbonizationstrategies.vision,airportscanchartapathtonetzero.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit41TheairportecosystemanddriversofdecarbonizationPrincipaldrivingforcesbehindairportdecarbonizationaregovernmentpolicyandairportsize,thoughairportownershipandpublicopinionalsoplayimportantroles.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit51.1OnsiteandoffsiteecosystemTheairportecosystemisahighlyinterconnectedacarbonfootprintthatmustbeaddressedinanynetworkofonsiteandoffsitestakeholders(seeairportplantodecarbonize.Figure1).Whiletheyrelyoneachothertoservetheendcustomer,theymaintainverydifferentTheoffsiteairportecosystemincludestheemissionsprofiles.governmentsandpolicy-makersthatregulateandhelpfundairportoperations.Inalmostallcases,theyareTheonsiteairportecosystemincludestheairportthedrivingforcesbehinddecarbonizationefforts.Otheranditsretailersandconcessionaires,theairlines,majoroffsiteparticipantsarethefinancialinstitutionsfuelprovidersandground-handlingserviceandinvestorsthatprovidefundingforairportinitiativesproviders.Allcontributetosafe,efficientandaswellasinstitutionalinvestorsinairportoperations.effectiveairportoperationsandareunitedinaFinally,localeconomiesplayavitalroleinthisoffsitecommongoaltoservetheairport’scustomers.ecosystembyinfluencinggovernmentpolicyandEachonsiteecosystemparticipantalsorepresentsprovidingthemarketthatsupportsairportoperations.FIGURE1AirportecosystemParkingfacilitiesAIRPORTSSecurityservicesFinancialinstitutionsFuelprovidersCentregroundhandlersPublicAirnavigationserviceGovernmentAirlinesEnergyprovidersOEMsOnsiteecosystemOffsiteecosystemOnsiteairportecosystem:Offsiteairportecosystem:Airnavigationserviceproviders(ANSPs)Energyproviders,includingfuelsellersandutilitiesAirlinesFinancialinstitutionsandinvestorsAirportemployees(suchassecurityservices,Governmentsandpolicy-makersparkingfacilitiesandmaintenance)LocaleconomiesAirportsOriginalequipmentmanufacturers(OEMs),suchasFuelprovidersengineandaircraftmanufacturersGround-handlingserviceprovidersFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit6$175billion–Aviationasaglobalindustryhascommittedtoproductioncapacityforalternativefuelssuchasadditionalannualreachingnet-zeroemissionsby2050,inalignmentSAF(seeFigure2).Thistranslatestoanadditionalcapitalexpenditurewiththe2015ParisAgreementonclimate.Tomeet$175billionincapitalexpendituresperyearfromneededforaviationthiscommitment,itisestimatedthattheindustrynowuntil2050–ontopofbusiness-as-usualindustrytoreachwillneedtospendupwardsof$5trillionincapitalspending.Ofthistotalinvestment,arelativelysmallnetzeroby2050.investmentsfocusedondevelopingnewpropulsionamountisapportionedtoinfrastructurespendingontechnologiessuchashydrogenandbattery-airports,asidefromeventuallydeployinghydrogen-poweredaircraftandbuildingcommercial-scalebasedpropulsioninfrastructure.5FIGURE2Globalaviationcapitalinvestmentfornetzero($trillion,2022-2050)Theglobalaviationindustryrequiressigniﬁcantcapitaltoreachnet-zeroemissions,butthefocusofthespendisoncleanenergyforaircraft$5trillionWhichtranslatestoan$175billionannualﬁgureof…Capexfundingrequiredby2050acrossAverageannualinvestmentrequiredacrossaviationtoreachnetzero,focusedonaviation,ofwhichanimmaterialamountpowergenerationoff-airportisairportH2infrastructureby205060.65.112%51.836%4$trillion32.652%210FuelproductionRenewableelectricity(PPAsfromOtherTotalmixofoffshoreandonshorewind,solarPVandhydropower)AdditionalcostsfromalternativepropulsionaircraftHydrogenforhydrogenaircraftPower-to-liquidsOtherbiofuelsHEFAOther=hydrogenproduction($0.2trn)+CO2pointsourcecapture($0.2trn)+additionalcostsofhydrogenandbattery-electricaircraft($0.2trn)+airporthydrogeninfrastructure(<$0.01trn)Source:MissionPossiblePartnership(MPP),MakingNet-zeroAviationPossible,July2022.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit7AllairportcapitalHowever,aviation’sdecarbonizationinvestmentplantsandconventionalairport-ownedvehicles.projectsshouldbedoesnotrepresentthefullpictureofcapitalScope2emissionsrelatetoproductionofenergyreviewedtoensureexpenditureforairports,asitdoesnotaccountconsumedbytheairport,suchasthecarboncompliancewithforthesignificantinvestmentrequiredtosupportemissionsfromtheelectricitypurchasedfromdecarbonizationnewprojects,infrastructureneedsandongoingutilities.Scope3emissionsarecausednotbythepoliciesandmaintenance.ACINorthAmericaestimatesthatairportbutbyotherecosystemparticipants,suchstrategies.intheUSalone,atleast$150billioninfundingasairlinesandtheiroperationsrelatedtoflightstoforairportinfrastructureprojectswillbeneededandfromtheairport.Theseemissions,whicharebetween2023and2027.6FitchSolutionsestimatesoutofthecontroloftheairport,makeupsome97%thatover$160billionworthoflow-andmedium-riskofanairport’semissionsprofile.airportinfrastructureprojectswerebegungloballyinthelastfiveyears.7TheextenttowhichairportThus,airlinesplayasignificantroleindictatingspendiscentredarounddecarbonizationisdictatedthetimetableandambitionofdecarbonizationbymultiplefactorsthatareexaminedbelow,buteffortsatairports.AsthelargestcontributorstoallairportcapitalprojectsshouldbereviewedtooverallairportGHGemissions,airlinesmustbeensurecompliancewithdecarbonizationpoliciesinvolvedinairportdecarbonizationstrategies.8Forandstrategiesmovingforward.instance,airportswillnotbeabletosignificantlyreducetheirScope3emissionswithouttheLikeotherbusinessandgovernmentaloperations,widespreadadoptionofSAFbyairlinesandthetheemissionsprofileofanairportissegmentedeventualcommercialdevelopmentofpropulsionintoScope1,Scope2andScope3emissions(seetechnologynotdependentonfossilfuels.InbothFigure3).Scope1emissionsarethosefromairport-thesecases,airportswillnotbeabletodictatethecontrolledsources,suchasairport-ownedpowerspeedofadoption.FIGURE3Airports’Scope1,2and3emissionsScope1Scope2Scope3DirectemissionsPurchasedUpstreamandfromownedorenergyconsumeddownstreamcontrolledresourcesbythecompanyemissionsIncludesemissionsfromownedorIncludesemissionsfromelectricityusedCoversemissionsofsuppliersandoperatedfacilitiesincludingstores,instores,distributioncentresandotherconsumerswarehousesanddistributioncentres,plusfacilitiesemissionsfromcompanyvehicles~3%97%+%ofairportemissionsproﬁle%ofairportemissionsproﬁleSource:OliverWymanFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit81.2DriversofairportdecarbonizationstrategySixfactorswereexaminedtoidentifythebiggestdriversofairportdecarbonizationstrategyimplementationandfinancing(seeFigure4):FIGURE4Sixdriversofanairport’sdecarbonizationstrategy,implementationandfinancingFactor1Factor2GovernmentpolicyAirportownershipGovernmentpolicy,maturityofdecarbonizationfocusandAirportownership,maturityofdecarbonizationfocus,locationofavailabilityofdecarbonizationfundingairportownerandimplicationsforsourcesoffundingFactor3Factor4AirportsizeFinancialinstitutionsandinvestorsAirportsizeandaccesstoﬁnancialinstitutions,basedonFinancialinstitutionsandinvestorsanddegreeoffocusoncredit-worthinessandstrengthofrelationshipsdecarbonizationFactor5Factor6PublicopinionAirportarchetypePublicopinionanddegreeoffocusondecarbonizationAirportarchetypeandconsiderationsforfuturestrategicdifferentiation,basedonkeyidentifyingfeaturesFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit9GovernmentGovernmentpolicydriveorlimitaccesstofundingforsustainablepolicyisahugeactivitiesincludedwithinthetaxonomy.forcebehindGovernmentpolicyisahugeforcebehindmostfundingandmostfundinganddecarbonizationefforts.InCurrently,theEUtaxonomycoversairportdecarbonizationgeographieswherepoliciesincentivizeorrequireterminalbuildingsandallnon-aeronauticalefforts.decarbonization,airportsaremorelikelytohaveactivitieswithinthem,suchasconstruction,moreambitiousenvironmentalstrategies—modernization,operationofinfrastructureDubaiAirportsregardlessofwhethertheyarepubliclyorprivatelyrequiredforzero-tailpipeCO2operations,recentlyfundedowned.Inaddition,insuchlocalities,financialelectrifiedgroundpowerunitsandpreconditionedtheMiddleEast’sinstitutionstendtobemorefocusedonsupportingairtostationaryaircraftonairportpremises.11largestairportdecarbonization-orientatedprojects.Ingeographiessolarpowerplantwithlittleornodecarbonization-focusedpolicy,theTheEUtaxonomymayalsobeusedasatoolandisretrofittingsizeoftheairportandprioritiesoftheairportownertojudgethesustainability-alignmentofcapitalitslightingtousewillplayalargerroleintheprogressachievedonexpenditures(capex).Specifically,ifanairport’sLEDs.decarbonizationstrategies.strategiccapexspendingisalignedwiththeEUtaxonomy,thenfinancialinstitutionsandThethreegeographieswiththemostfavourableinvestorsareabletoprovidefundingwithoutfearpolicyenvironmentstowardsdecarbonizationofgreenwashing.Anon-aviationindustryexampleprojectsaretheUS,theEuropeanUnion(EU)ofthisisEnel,anItalianutility,whichissuedandtheUnitedKingdom.IntheUS,tworecentasustainability-linkedbondalignedtotheEUpoliciesareexpectedtoplayapivotalroleintaxonomyaswellastheSustainableDevelopmentdecarbonization:the2022InflationReductionActGoals(SDGs)oftheUnitedNations(UN).Itincluded(IRA)andthe2021InfrastructureInvestmentandacommitmentthatatleast80%ofcapexspendingJobsAct(IIJA).wouldbealignedtothreekeyperformanceindicators(KPIs):theEUtaxonomy,Scope1andTheIRAdirectsfederalspendingtowards3emissionintensitytargetsandabsoluteScopereducingcarbonemissionsthroughresearchand3GHGreductions.12Europeanbankshaveciteddevelopment(R&D)grantsincarbon-reductionandthisissuanceasabenchmarkthatmaybeusedtolow-carbontechnologies,andtaxcreditsforlow-assessanairport’scommitmenttodecarbonization.emissionfuels,includingSAFandloanguarantees.Intotal,theIRAhasallocatednearly$400billionTheUnitedKingdom’staxonomy(anoffshoottowardscleanenergy.9oftheEUtaxonomy)hasnotyetbeenfinalized,butislikelytoincludepotentiallystricteraviation-TheIIJArepresentsthelargestinvestmentinUSspecificscreeningcriteria.Thiscouldmakeaccessinfrastructureindecades.Outoftheroughly$100tofinancemoredifficultintheUnitedKingdombillioninthelegislation,$25billionwassetasidecomparedwiththeEU.specificallyforairportsandaviationinfrastructure.10TheinfluxoffundingfromboththesenewlawshasAirportownershipcatalysedlow-carbontechnologyinvestmentandR&DandgeneratedaraftofnewprojectsintheBeyondpolicy,airportownershipisafactorUS.ThisapproachcontrastswiththoseusedmoretoconsiderfordecarbonizationstrategyandoftenbytheEUandUnitedKingdom,whicharefundingsources.Airportsthataregovernment-typicallylessfocusedonopt-inincentivesandtendownedorlargelygovernment-fundedwillhavetowardsmandatesthatsetspecifictargetsanddecarbonizationstrategiesinlinewiththeambitiondeadlinesforcompanies.ofgovernmentpolicy(seeFigure5).Furtherencouragingdecarbonization,theUSAirportsintheMiddleEastaregenerallygovernment’sEnvironmentalProtectionAgencygovernment-owned,sothedegreeof(EPA)hasinstitutedrequirementsthatmayusedecarbonizationfocusisdependentongovernmentGHGemissionreductionsasacriteriontosecurepolicyandwouldberestrictedorenabledbasedapprovalsforfutureprojects.Decarbonizationmayonfundingavailable.Forexample,DubaiAirportsalsobecomeafactorinfutureFederalAviationisentirelygovernment-ownedandgovernment-Administrationgrant-makingdecisions,buttherefunded.InlinewiththeUAE’sdrivetowardsarenodefiniteplanscurrentlytomakethischange.decarbonization,DubaiAirportsrecentlybuilttheMiddleEast’slargestairportsolarpowerplantandInEurope,oneimportantdecarbonization-relatedisalsoretrofittingitslightingtouselight-emittingpolicyistheEUtaxonomy,whichisconsidereddiodes(LEDs)throughoutitsfacilities.Whileithasacornerstoneoftheregion’ssustainablefinancetraditionallyreliedonpublicfinance,DubaiAirportsframework.ItisamarkettransparencytoolthatchoseinsteadtouseaformofPPPfinancingprovidescommondefinitionsandstandardsforthroughapartnershipwithenergyservicecompanyindustrialandfinancialactivitiesalignedwiththe(ESCO)Etihadtoinstallthesolarenergysystem.EU’snet-zerogoal.ThiscommonplaybookcanFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit10USairportsaregenerallyownedbyalocal,municipalThatsaid,therearecurrentlynodecarbonizationorstatejurisdictionandreceivepublicfunding,mandatesforairportsorgreenuse-casealthoughlargeairportsintheUSalsohaveaccesstorequirementsforfederalfundingintheUS.Becauseprivatefundingtosupplementpublicfinancewhenofthis,smallerUSairportsthatrelyentirelyonitcomestolargeprojects.Thiswouldgivethemanfederalfundingfortheirprojectsmayhaveaharderadvantagewithmajordecarbonizationprojects,suchtimedecarbonizing.aslarge-scaleinstallationofsolarpanels.FIGURE5AirportownershipandcarbonaccreditationLHRAMSYYZCDGFRASAWDENORDMADFCOAYTLAXISTCAIHNDDFWATLDOHSYDMEXCUNDELDXBBOMMBWBOGLOSADDLIMSINCGKBSBJNBGRUCPTNorthAmericaSouthAmericaEuropeAfricaMiddleEastAsia/AustraliaAMSYYZBOGLHRCAI—SAW—HND—FRAORD—LIMCDGADD—IST—DELFCODEN—BSBMADLOS—AYTBOMLAXGRU—JNBDOHSINATLBogotaandLimaCPTDXBCGKairportshaveDFWEuropeanoperators,TheoperatorofSYDwhichmaycontributeAntalyaAirportisCUNtotheirACAratingsFraport,aMBWEurope-basedMEX—companythatalsoownsandoperatesFrankfurtInternationalAirport,DelhiAirportandLimaAirportACAAccreditationratingsOptimizationNeutralityTransformationTransitionAirportownershipStateownershipMappingReductionPrivateownershipDelhiandMumbaiairportsarejointventureswiththeIndiangovernmentandprivatelyownedoperatingcompaniesthatholdmajoritystakesintheairportsNote:notexhaustive,andwaschosenbasedonnumberofpassengersperyearSource:OliverWyman,ACI’sAirportCarbonAccreditation(ACA)programme.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit11Privatelyownedairportscandeterminetheiriftheyreflectthesustainabilityaspirationsoftheirowndecarbonizationstrategiesandthiscanneighbourcommunities.enablesomeairportstomoveaheadofregionalcompetitors.ThisisespeciallylikelywhentheInmarketswiththemostadvanceddecarbonizationprivateairportownerislocatedinamorematurepolicies,liketheUSandEU,publicpollsshowthatdecarbonizationmarketthantheairportitself.Foramajorityofcitizensfavourinvestinginalternativeexample,FrankfurtAirportServicesWorldwide,energysourcestoprotecttheenvironment.SomecommonlyknownasFraport,hasanownershiprecentpollsincludethefollowing:stakeinAntalyaAirportinTurkey,IndiraGandhiInternationalAirportinDelhiandJorgeChavez–2023Eurobarometersurveyonclimatechange:InternationalAirportinLima.TheGermany-77%ofEuropeanssaidtheythoughtthatbasedFraportisworkingtoensurethateachclimatechangeisa“veryseriousproblematthisairportqualifiesforACI’svoluntaryAirportCarbonmoment.”14Accreditation(ACA)despitethefactthattheseairportsarelocatedincountrieswithlessstringent–2023EuromonitorInternationalreport:80%ofdecarbonizationregulation.13travellerswerewillingtopayatleast10%moreforsustainabletravel,while40%werewillingtoAirportsizepaymorethan30%extraforsustainableeco-tourism.15Thesizeofanairportwillalsosignificantlyaffectitsabilitytoaccessfinance.Largeairportswith–2022studybythePewResearchCenterinstrongbalancesheetsoftenrepresentlower-risktheUS:69%ofAmericansbelievedthenationinvestmentsforfinancialinstitutionsthansmallershouldprioritizedevelopingalternativeenergyairportsandwillalsohavewidernetworkstoaccesssourcesandfavouredtheUStakingstepstothesefunds.Thisstatementhastwocaveats.becomecarbonneutralby2050.16First,therearecaseswheresmallairportswithlessintensivecapitalneedsandstrongbalancesheets–2021EurobarometersurveyofEuropeanhavemoreflexibilitytopursuedecarbonizationattitudestowardstravelandtourism:82%ofprojects.Butthesearetheexception,notthenorm.respondentssaidtheywerepreparedtochangeSecond,smallerairportswithlargerairportownersatleastsomeoftheirtravelandtourismhabitsoroperatorsmaybeabletoleveragetheirparents’tobemoresustainableandoverone-third(35%)relationships,riskdiffusionandbalancesheetstosaidtheywerewillingtopaymorefortourismtoattractmoresourcesoffunding.protecttheenvironment.17PublicopinionandattitudesofHowever,findingsfroma2022observationalfieldstudyfinancialinstitutionsofactualbookingsmadewithaEuropeanairlinecallintoquestionsuchself-reported,hypotheticalassessmentsLocalpublicopinionisanotherkeydriverofairports’insurveys.Outofover63,000bookings,themedianenvironmentalstrategies.Ifdecarbonizationandwillingness-to-payvoluntarilytooffsetatonneofcarbonenvironmentalconcernsareimportanttothepublic,dioxidewaszero,withthemeanaroundtheequivalentthenpolicy-makersaremorelikelytoprioritizeofoneeuro.18Sowhilepassengerstellsurveystheydecarbonization.Similarly,financialinstitutionspreferlower-carbontravelmethods,theymayprioritizemaybemorefocusedondecarbonizationiftherelow-costtravelovertheenvironment.Moreresearchispressurefromtheirlocalinvestorcommunities.isunderway,butthedichotomycouldsuggestthatPublicopinioncanalsohaveadirectimpactconsumers,likecompanies,mayonlybecountedontoonairportsthemselves,astheyrecognizetherespondtomandates.potentialbrandingandPRadvantagesthatambitiousdecarbonizationgoalsmightaffordthemTheself-reinforcinginfluenceofpublicopinion,governmentpolicyandtheprioritiesoffinancialinstitutionsdictatethelocalapproachofairportsandthedegreeofimportancethatdecarbonizationtakesintheirstrategies.Outofover63,000bookings,themedianwillingness-to-payvoluntarilytooffsetatonneofcarbondioxidewaszero,withthemeanaroundtheequivalentofoneeuro.GlobalEnvironmentalChange,fieldstudy,2022FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit12Airportarchetype–Cargochampion:Dualserviceprioritiesforcargohandlingandpassengertransport.AnotherfactoranalysedasapotentialdriverofairportTechnologicalinnovationanddata-sharingdecarbonizationistheairport’sarchetype.ApreviousarecrucialforcargochampionstomeetfastreportbyOliverWymanandACIWorldidentifiedthedeliveryexpectationsfrome-commerce.Theyfollowingfourmajorairportarchetypes:19strivetosupporttheircargoclients.–Cityairport:Servesmajorurbancentresasa–Leisuregateway:Servescommonvacationgatewayforbusiness,leisureandfamilytravel;maydestinationsandisoftenintegratedintothebeviewedasanintermodalpointtoothermeansdestinationitservesaspartoftheholidayoftransportation;oftenland-constrained.Keyexperience.Passengerdemandmayfluctuateprioritiesare:noiseandotherformsofpollution.withholidayandtravelseasons,creatingirregularityinrevenueforleisuregateways.They–Globalhubconnector:Servesbothtransitanticipatefurtherintegrationwithdestinationpassengersandtravellerswithinawidelocalcitiesandseektoleverageauthenticityandlocalcatchmentareaoftheairport.Keyprioritiesare:culturetowelcomevisitors.intermodaltransportationtolargepopulationcentres,high-qualitycustomerexperienceandTheairportarchetypeiscurrentlynotaprimaryoperationalefficiency.driverofairportdecarbonizationstrategies,butthiscouldchangeinthefuture.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit131.3AirportdrivermatrixTheairportdrivermatrixhasbeendevelopedthroughitsresultingaccesstofinance.Thesecondbiggestin-depthdiscussionswithmorethan30-plusairportsdriverwasfoundtobetheairport’ssize.Definedbyandfinancialinstitutionsworkingwithintheindustry(seethenumberofpassengersitserves,anairport’ssizeFigure6).Itisthesynthesisofthetwomostimportantdirectlyimpactsitsrevenue,riskprofileasaborrowerdriversforairportswhenitcomestodeveloping,andaccesstofinancialinstitutionsandinvestors.Itadoptingandimplementingdecarbonizationstrategiesisimportanttonotethatsomesmallairportsmay—governmentpolicyandairportsize.enjoythesameaccesstofinanceoflargerairports,especiallyiftheyareownedoroperatedbylargerGovernmentpolicywasfoundtohavethebiggestglobalgroupsimpactonanairport’sdecarbonizationstrategyandFIGURE6Airportdrivermatrix–governmentpolicyandairportsizeMatureMarseille(MRS)10MFiumicino(FCO)29MHeathrow(LHR)61MSchiphol(AMS)52MDelhi(DEL)59MDallas(DFW)73MBogota(BOG)36MAbidjan(ABJ)2MAntalya(AYT)31MGoverningpolicy1GrupoAeroportuarioCentroNorte(OMA)23MGeorge,ZA(GRJ)<1MLaGuardia(LGA)30MAtlanta(ATL)93MDubai(DXB)66MKunmingChangshui(KMG)32MIstanbul(IST)64MSharmElSheikh(SSH)8MCairo(CAI)20MNascentSmallAirportsize2LargeToolkitchampionsFeaturedcasestudiesAdditionalexamplesM=Millionsofpassengersperairport(2022)Notes:1Thisisablendofthelocalgovernmentpoliciesinboththeairportgeographyandtheairportowner’sgeography.Themorematurejurisdictionwillbethedriver.2Airportsizegenerallyreferstothenumberofpassengersservedbutmayalsorefertothesizeofanairport’soperator,giventhecapacityoflargeroperatorstoreducerisks,gaingreateraccesstofundingandbuildrelationshipswithfinancialinstitutionsandinvestors.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit142TheairportdecarbonizationroadmapThischapterchartsadecarbonizationjourneythatstartswithascience-basedstrategy,followedbyactionsthatairportscantaketotackleScope1,2and3emissions.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit152.1DecarbonizationroadmapoverviewCurrently,WhilethepathtonetzerowillrequireallelementsofBy2025,theEUwillrequireaircrafttakingoffSAFproductiontheaviationecosystemworkingtodecarbonize,thisfromEuropeanairportstouseatleast2%SAFincapacityisreportfocusesontheactionsthatairportscantake.theirfuelmix.Thatpercentagewillrisesteadily,substantiallybelowToday,thelargestairportsintheworld’smostclimate-reaching70%in2050.TheEUisalsorequiringwhatitmustbetoambitiousgeographiesarechartingoutaroadmapaircrafttocarryonlythefueltheyneedtogettoincreaseusagetotoenvironmentalsustainability.Butsoonerorlater,theirdestinations,toavoidemissionsrelatedto15%ofthefuelmixsmallerairportsinplaceswithoutmuchregulationorextraweightandcarbonleakage.SAFwillbeaby2030.supportfordecarbonizationaregoingtohavetofollowmajordecarbonizationleverrightthrough2050thesamepath.Thisjourneyisonlyjustbeginning.andbeyond.Todayitseemslong,complexandexpensivebut,overtime,itislikelytobecomemoreefficientandlessOverthelonger-term,airportswillbeinaracetaxing.ThisreportaimstooffersomeguidanceonthewithtechnologytoreduceScope3emissions.concretestepsthatairportscantakenow,toreachLow-carbonpropulsiontechnologieslikehydrogennear-term,mid-termandlong-termgoals.andelectric-poweredflightareadecadeortwofromcommercialscaleandthreedecadesawayNear-termactionsfocusonestablishingafromlarge-scaleuseincommercialairliners.decarbonizationstrategybasedoneachairport’sHowever,itisimportanttorememberthatcapitalcurrentcarbonfootprint,creatingascience-basedmarkets–namelycommercialbanks,institutionaltransitionplanandidentifyingkeytargetsalongthatinvestorsandprivateequity–arebeginningtopath.Mid-termactionsbuildonthefoundationsexpectairportstoincludeScope3emissionsfromlaiddowninthenear-termandincludecarbonaircraftinlong-termdecarbonizationstrategiesandreduction,addressingfirsttheScope1and2toplanonaddressingthemaspartoftheirGHGemissionsthataredirectlyunderanairport’scontrol.emissionsprofiles.OnScope3emissions,theroleofairportsinThischapterdetailsthekeyactionsineachphasethenear-tomid-termphasewillbemoreofoftheairportdecarbonizationroadmap,supportedaninfluencerandfacilitatorofdecarbonizationbyillustrativecasestudies.Theseactionsaresolutions.Inthisphase,forexample,thetopprioritysummarizedinFigure7andbelow:shouldbetosupporttheconstructionofmoreSAFproductioncapacityandencouragetheadoption–Near-term:Createacredible,science-basedofSAFusage.Currently,SAFproductioncapacitystrategyissubstantiallybelowwhatitmustbetoincreaseusageto15%ofthefuelmixby2030.20Thatjump–Mid-term:ReduceScope1and2emissionsincapacityandconsumptionwouldhelpairlinestobeginreducingemissions.–Long-term:TackleScope3emissionsFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit16FIGURE7AirportdecarbonizationroadmapEcosystemNear-termactionsMid-termactionsLong-termactionsstakeholdersEstablishbaselineemissionsDeﬁnenet-zerotransitionplanExecuteScope1and2emissionsAirportPublishsustainableﬁnanceframeworkreductionprojectsExecuteScope3emissionsreductionprojects:tenant,passengerandemployeevehicles,andwastedisposalemissionsExecuteScope3emissionsreductionprojects:LTOandtaxiemissionsreductions,SAFinfrastructureAchieveoperationalexcellenceInvestininfrastructureforalternativepropulsion(H2,electric)SeekACAaccreditationandworktoimprovelevelOnsiteMakenet-zeropledgeExecuteemissionsreductionprojects:R&DintoalternativepropulsiontechnologyDeﬁnenet-zerotransitionplanAirlinesExecuteemissionsreductionprojects:increasedSAFutilization,investinmoreefﬁcientaircraftIncreaseoperationalefﬁciencies(e.g.betterrouting)Makenet-zeropledgeExecuteemissionsreductionprojects:vehicleelectriﬁcation,employeetransportationemissionsreductionsGroundhandlersOfferconventionaldebtﬁnancing(e.g.termAloans,bondissuance)/reﬁnancingMaketransitionﬁnancecommitmentOfferandcommittoincreasethesupplyofgreen/sustainabilitylinkedFinancialPublishsustainableﬁnanceframeworkbondinvestmentsinstitutionsDeﬁnenet-zerotransitionplanRequirecustomerstosetandimplementscience-basedtransitionplansOffsiteEstablishgreenmandatesOffercapexgrantsSetcarbontax/carbonpricingEstablishcapital/taxincentivesforcarbonreductionprojectsGovernments/policy-makersOfferloanguaranteesEstablishclimate-supportingpolicydevelopmentSupportnet-zerotransitionplanBuildincreasingawarenessandconcernforclimateconsiderationsPublicsentiment/passengersFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit172.2Nearterm:Createacredible,science-basedstrategyInclimate-ambitiousmarkets,itisnowessentialforglobalstandardforairportcarbonmanagement.airportstomeasuretheirbaselineemissionsprofileAchievinglevel4andaboveofthisaccreditationandsetadecarbonizationstrategywithchallengingschemedemonstratesthattheairport’scarbonbutrealistictargetsandassociatedKPIs.Themanagementstrategyisalignedwithglobalstrategiesandtargetsthatairportssetwillvarydecarbonizationgoalsaimedatabsoluteemissionsbasedontheirsize,baselineemissionsprofileandreductionsandmaybeusedasaKPIinthegovernmentpolicy,buttheyshouldseektoalignasairport’sdecarbonizationstrategy.22closelyaspossibletothegoaloftheInternationalCivilAviationOrganization(ICAO)toreachnetzeroAirportsshouldincludeelementsintheirby2050.AirportstrategiesandKPIsshouldalsoenvironmentalstrategiestomeettheprioritiesreflectthe2015ParisAgreementaswellasaligningoflocalcommunities.Forexample,airportswithscience-basedclimatetransitionscenarios,inaridlocationsmayneedtoaddresswatersuchastheScience-BasedTargetsinitiative(SBTi).conservation,whilecityairportsmayneedtoensureTheSBTiprovidesguidanceonScope3reductionsnewprojectsdonotincreasetheirnoiseprofile.requiredfromconventionalaircraftaccordingtoLong-termstrategiesshouldconsiderscenariostheGHGProtocolCorporateAccountingStandardandassessmentsofpossibledecarbonizationortheInternationalEnergyAgency’snet-zerotechnologiesnotyetdeveloped,includingemissionsscenario(NZE).21Thesescenarioshydrogen-poweredaircraft,sothatairportscanshouldbeleveragedashelpfulinputstoanypreparebetterforfutureoperations.Airportsdecarbonizationstrategy.shouldalsoengagewithrelevantstakeholdersatappropriatestepsintheplanningprocessandAdditionally,airportsarerecommendedtoincorporateinfrastructureinvestmentsintostrategicparticipateintheACAprogramme,whichistheonlyfundingplans.2.3Mid-term:ReduceScope1and2emissionsAirportshavemorecontrolovertheirScope1implementingenergyefficiencymechanisms(e.g.and2emissionsandtheyhavebeguntomitigatemoreefficientbaggageclaimcarousels),fundingthemthroughavarietyofprojectsandchangessustainableorhigh-efficiencyconstructionprojectsinbusinesspractice,financedthroughtheirusualandworkingtowardssustainableheatingandbanksandsourcesofprojectfinance.Examplesofcoolingforairportbuildings.Scope1projectsincludethetransitionofairport-ownedorcontrolledresourcestorenewableWhileScope1and2emissionsreductionprojectsorzero-emissionenergysources,suchasthedoposechallenges,especiallyforsmallerairportselectrificationofanairport’svehiclefleet,onsitewithmorefundingconstraints,manyairports,renewablepowergenerationinfrastructureandbothlargeandsmallacrossmatureandnascenttheelectrificationofairport-ownedgroundsupportgoverningpolicyregions,arebeginningtoaddressequipment(GSE).Scope1and2emissions.SuchprojectsaregenerallystraightforwardtoexecuteanddonotScope2emissionsreductionprojectstargetusuallyaccountformorethan10-15%ofanindirectemissionsfromtheconsumptionofairport’scapitalinvestmentplansovera10-yearpurchasedenergybytheairportandcantimeframe.Thefinancingandstrategyrequiredtobeaddressedthroughanairport’selectricityaddressScope1and2emissionsdonotcomparepurchasesandheatingandcoolingmechanisms.tothescaleofthechallengepresentedbyScopeExamplesofScope2emissionsreductionprojects3,whichistheprimaryfocusofthesolutionsandincludeswitchingtosolarpowergeneration,suggestionsinthisreport.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit18CASESTUDYRome-FiumicinoInternationalAirportRome-FiumicinoInternationalAirport(FCO)isaprivatelyinanofficialthird-partyopinion.ADRpromotesthefollowingownedcityairportthatcanserveover40millionpassengerstotackleScope3emissions:annually.ItisownedandoperatedbyAeroportidiRoma(ADR),whichhasbeenapioneerinsustainablefinancial–railaccesstotheairportinpartnershipwiththeinstruments.ACIEuropegaveRome-FiumicinoitsBestnationalrailoperatorAirportAwardin2022and2023.–intermodalityinitiatives,suchastyingtraintoplaneTwoyearsago,AeroportidiRomabecamethefirstworldwideairportownertopublishasustainability-linkedfinancing–investingincleanmobilitybyinstalling500landsideframework,inalignmentwiththeInternationalCapitalMarketandairsideelectricvehicle-chargingstationsby2025Association’ssustainability-linkedbondprinciples.Thesearevoluntaryguidelinesthatallowborrowersandlenderstoeasily–substitutingitslightdutyvehiclefleetwithelectricalignontermsandtargetsforsustainability-linkedfinancing,vehiclesaswellastoadvertisetheborrower’sdecarbonizationprojectplans.InMay2021,ADRissuedthefirsteversustainability-–providingincentivestodecarbonizeheavydutylinkedbond(SLB)foranairport,whichincludedScope1andvehiclesandemergencygeneratorsbyusing100%2targetsthroughaKPI-linkedfinancingformat.Asecondhydrotreatedvegetableoil(HVO)suppliedbyEnibondwasissuedinJuly2023withnear-termScope3targetsvalidatedbytheSBTi.ADRalsoissuedagreenbondanda–constructionofacyclelaneforemployeesandthefirst-of-its-kindrevolvingcreditlinein2020.airportcommunityAeroportidiRoma’sfinancingframeworkdetailsitsemissionsADRhasalsocommittedtoprovidingSAFtoairlinestohelpreductionplans,includingScope1and2reductionsthrough:tackleScope3emissions,throughanofftakeagreementforSAFproducedatEni’sTarantorefinery.Thisagreement–twolargemulti-megawattphotovoltaicplantsforcleanmadeRome-FiumicinothefirstairportinItalytomakeSAFenergyproductionavailabletoairlines.–investmentsinelectricchargingstationsforairport-ADR’smostrecentSLBissuancewaswell-receivedbyownedvehiclesinvestors(nearlyfivetimesoversubscribed),including“dark-green”and“light-green”investors(respectively,investors–useofbiomethaneandinvestmentinlow-carbonwithsustainableinvestmentastheirprimarygoal,orthosetransportinfrastructurewhohavesustainablecriteriaforinvestments).AsofJuly2023,ADRhadnotexplicitlyincludedCO2emissionsfrom–commitmenttoremainatACAlevel4+certificationaviationsourcesbutisplanningtomonitortheindustryasitevolvestoremainontheleadingedgeoftheSLBmarket.ItADR’sScope3targetcentresonpassengers’accessibilitytoiscommittedtoScope3reductionsfromaircraftinvolvedinandfromRome-Fiumicino,whichreceivedascoreof“strong”maintainingitsACA4+transitionlevel.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit192.4Long-term:tacklethechallengeofScope3emissionsPrivateequityWhilstcomprisingsome97%ofanairport’sInfluenceairlinesfundsinclimate-carbonprofile,Scope3emissions–suchasthosematureregionscausedbyaircraftlanding,take-off(LTO)andAsthedriversofthevastmajorityofanairport’sGHGhavebeguntaxi–aregenerallyoutsidetheairport’ssphereemissionsprofile,airlinesarecrucialstakeholderstorequestfullofcontrol.Scope3emissionsalsoincludethosetoengageinaddressingdecarbonizationstrategyScope1,2andcausedbypassengervehicles,tenantsandwastegoals.Airportsmayhaveanumberofpotentialways3emissionsdisposal.Someairportsaretryingtoaddresstoworkwithairlinestodecarbonize,detailedbelow.disclosures,asthemforgroundtransportation,wheretheyhavewellasemissionsmoreinfluence,throughprojectslikeelectricDifferentiallandingchargesbasedonNOx,reductiontargets.passengercar-chargingstationsandincreasedcarbonornoiseconnectivitytopublictransport.ButnoneoftheLondonairportsinterviewedforthisreporthavebeguntoUnderICAO’spoliciesonairportcharges,airportsinHeathrow’sfundmajorinfrastructureprojectsthatwillsupportmanygeographies23areabletolevylandingchargesdifferentiallandingalternativepropulsionmethodssuchashydrogen,relatedtolocalairquality(LAQ)duetoemissions,charges,basedbecausethereisnoclarityaroundthistechnology’ssimilartoleviesthataircraftfacefornoisepollution.onemissionsandcommercialviabilityoradoptionbyairlines.ICAO,whichistheUN’sinternationalgoverningnoisepollution,arebodyforaviation,hasdetailedguidelinesforthefunnelledintoaHowever,Scope3emissionshavebeguntomoveimplementationofLAQ-relatedchargesforairportsfundtosubsidizeintofocusforpolicy-makers,financialinstitutions,andgovernmentstoreference,includingguidanceSAFforairlines.investorsandthegeneralpublicinmoreclimate-aroundapplicability,process,costbasisandanymaturegeographies.Airportexpansionprojects,additionalspecialconsiderations.unlessfinanciallyjustifiedbecauseofeconomicbenefittoadevelopingmarket,arebecomingOneexampleofthisbeingimplementedcomesfromhardertofundinmarketswithmaturegovernance,LondonHeathrow,whosedifferentiallandingchargesbecausetheyresultinanetincreaseinScope3basedonemissionsandnoisepollutionarefunnelledemissions.UntilthereisadecarbonizationsolutionintoafundtosubsidizeSAFforairlines.Thistoaircraftemissionsasawhole,airportscouldfaceapproachincorporatestwoincentives:anegativeadditionalchallengesduringexpansionprojects.incentivearoundemissions(becauselandingchargesincreasewithemissions)andapositiveincentiveIfairportsdonottakeactiontounderstandandtopurchaseSAFfromtheairport’sfund,becauseaddressScope3emissionsinadditiontoScopeitreducesthepriceandoverallemissions,thus1and2,financialinstitutionsbelievethataccessreducingthechargesaswell.However,differentialtofinancingcouldeventuallybecomemorelandingchargesarenotallowedinallgeographies.limitedforairportsthatrelyonnon-governmentfunding.Privateequityfundsinclimate-matureIncentivesfornewaircraftpropulsionandregionshavebeguntorequestfullScope1,2energysystems,fleetrenewalandretrofitofin-and3emissionsdisclosures,aswellasemissionsserviceaircraftreductiontargets.Outsideofprivatecapital,thelargestbankingplayersinsustainablefinanceareSimilartochargesleviedforairpollutioncausedbymembersoftheNetZeroBankingAlliance(NZBA),aircraftoperations,airportsinjurisdictionswherewhichrequiresthemtoaligntheirfinancingdifferentiallandingchargesarelegallyviablemaybeactivitiesto2050net-zerotargetswithnoorabletoreducelandingchargesfornextgenerationlow-overshoottransitionpathwaysasspecifiedbyplanesthatproduceloweremissions.LAQchargescredible,science-basedclimatescenarios.ThisaremeanttocompensateairportsforthecoststhatposesachallengeforbothbanksandairportstoairportscouldincurwhenaddressinganyLAQ-addresstheemissionsprofileholistically,includingrelatedproblemcausedbyaircraft.Scope3emissionsfromaircraft,asfinancialinstitutionswillnotbeabletoreconcileairports’Next-genhydrogen,electricorlargelySAF-emissionsprofileswiththeirownoverallportfoliofuelledaircraft(alongsideconventionally-powereddecarbonizationgoals.aircraftthatprovideastep-changereductioninemissions)maythereforebeabletoreceivespecialSo,whatcanairportsdotosupportthereductionconsiderationforlandingchargescommensurateoftheirScope3emissions?SomesolutionsemergewiththereductioninLAQ-relatedliabilitiesthataroundairports’abilitytoinfluenceairlines,groundairportscouldfacewithhigher-emissionsaircraft.handlers,passengersandthewidervaluechain.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit20HongKongElectrificationofgroundsupportequipmentswitchingfromcompressednaturalgas(CNG)Internationaltorenewablenaturalgas(RNG)topowertheirAirportrequiresOneairport-ownedprojectthatcouldimpactvehicles.Incentivesmaybeavaluableoptionforground-handlingbothScope1andScope3emissionsistheairportsinbetweencontractrenewalperiods.serviceprovidersinstallationofelectricgroundpowerunits(GPU)touseelectricandpreconditionedairforaircrafttouseinsteadProvideinfrastructurevehicles.eitherjet-fuelledauxiliarypowerunits(APUs)ordieselfuelledGPUs.AirportsthatprovideaircraftAirportscanenableground-handlingservicewithelectricGPUspoweredbyrenewableorlower-providerstopursueloweremissionsoperationscarbonelectricitysourcescouldreducetheirScopebyprovidingthenecessaryinfrastructure.3emissionsduringtheturnaround,servicingandProvisionofsuchinfrastructureshouldbeboardingphases.accompaniedbytheexpectationorcontractualrequirementofloweremissionsforGSE.ThisOnceairportsareabletomakelower-carbonGPUsmayincludetheinstallationofchargestationsavailabletoaircraft,airportsmaythenbeabletoforelectricGSE,provisionofSAF,orstockingofdisincentivizeaircraftfromutilizingtheirAPUswhenlow-carbonbiofuelslikeHVOatairportfuellinglow-carbonGPUsarepresent.Thisoptionisvalidstationsinplaceofdieselfuel.whereGPUprovisionisownedbytheairport.However,ifnot,thiswouldhavetobenegotiatedMonitoringandreportingwithground-handlingserviceproviders.InordertocreateanaccountabilitysystemforFacilitatelocalizedairlineSAFcommunitylower-emissionsoperations,aswellastotrackanyreductionsinemissions,airportscanrequireregularAirportsmayplayaroleinunitingtheirlocalairlinereportingofcarbonemissionsfromground-handlingcommunityaroundcommondecarbonizationserviceproviders.Thiswillencourageadherencegoalsthroughthecreationanddirectionoflocaltolower-carbonmethodsofoperatingandgiveairlineSAFcommunities.Inparticular,airportstheairportaclearerpictureofprogresstowardsitswithoutahome-basedairlinecouldencourageSAFdecarbonizationtargets.communitiestobuySAFfromasingleprovider,facilitatedthroughtheairport.ThecreationoftheseInfluencepassengerscommunitiescouldallowairportstoinfluenceSAFpurchasedatalocallevelandsolidifydemandforLandsidetransportationincentivesSAFproductionfacilitiestode-risklocalinvestmentinincreasedproduction.TheprimarywayairportscanexertinfluenceontheirpassengerstoreducecarbonemissionsInfluenceground-handlingisthroughincentivesforlow-carbonlandsideserviceproviderstransportation,suchasmasstransitandelectricvehicles.AirportscanreduceparkingchargesEmissionsfromtenant’sairsidevehiclesmakeforpassengersarrivinginelectricvehicles(EVs),upthenextlargestportionofairsideScopesubsidizepassengers’faresforpublictransport3emissions.Airportsareabletocreatebothorofferotherbenefitssuchasdiscountsatretailincentivesandpenaltiesforground-handlingoutlets.serviceproviderstoensuretheyoperatewithloweremissions.TransportationinfrastructureinvestmentsContractualrequirementsandincentivesToensurepassengerincentiveprogrammesareeffective,airportsmustprioritizeinfrastructureAirportscanplaceconditionsuponthegrantinginvestmentsforEV-chargingandotheralternativeorrenewalofthehandlerlicences,bymandatingfuels,suchasrenewabledieselandhydrogen.Inall-electricground-serviceequipment.Forexample,addition,terminalinfrastructureprojectsshouldHongKongInternationalAirporthasanairsideconsiderwaystointegratemoreseamlesslywithvehicleelectrificationprogrammethatrequirespublictransportationtoreducethebarriertouseground-handlingserviceproviderstouseelectricbypassengers.vehicles.Coupledwithsuchrequirements,airportscouldlooktopart-fundincentivesforgroundPassengereducationhandlerstoelectrifyvehiclesorswitchtolower-carbonwaysofoperating.AirportscanplayaneducationalrolewiththepassengerstheyservebyexplainingtheManyofthelarger,moreclimate-matureairportsdecarbonizationtrajectorythataviationisfollowing,havealreadybeguntoworkwithground-handlingintroducingpassengerstoSAFandalternativeserviceprovidersandtheirfleetstopursueelectricpropulsionmethodsandinformingthemofthepowertrainsor,asinthecaseofDallasForthimpactthatloweremissionsjetfuelscanhaveonWorthairport’sground-handlingserviceproviders,theircarbonfootprint.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit21CertainairportsWastereductioninitiativesleveragetheirpositioninbroadersocietytoswayarelobbyingtheirgovernmentsandpolicy-makersinfavourofgovernmentstoAirportscanalsoexplorepassenger-focusedtechnologies,fundingmechanisms,behaviouralmandateahigherinitiativestoreduceemissionsbyimplementingchangesandpoliciesthatwillresultinlowercarbonpercentageofSAFwaste-reductionprogrammes.Thismayincludetheoperationsforairports.requirementbyprovisionofclearlymarkedwastecontainersthat2030.differentiatebetweentrashandrecycling,orwasteOneexampleofthisislobbyingformandatesreductioninfrastructureforpassengers,suchasandincentivesthroughgrantsandtaxcreditsforwaterrefillingstationstoreducetheuseofsingle-theincreasedproductionanduseofSAF.Certainuseplasticbottles.Aspublicopinionshiftstowardsairportsarelobbyingtheirgovernmentstomandatefavouringlower-carbonlifestylechoicesandahigherpercentageofSAFrequirementby2030publiceducationprogrammesareimplemented,andtosupporttheproductionanduseofSAFpassengerswillexpectairportstohelpthemreducebycreatingaSAFcontractsfordifference(CfD)theircarbonfootprints,withwastereductionasonemarket,24whichwillincentivizeincreasedproductionavenuetothatgoal.anduse.Whileaircraftcanonlylegallyblendupto50%SAFwithA1jetfuel,aminimumSAFmandateValuechaininfluencewouldremovesomeoftheburdenofaircraftandlobbyingemissionsfromairportsandplacesomeofthepressureforadoptionongovernmententities,asAirportscanadaptthetechniquesabovetoopposedtotheairportsthemselves.influencethebehaviourofthewidervaluechain,includingretailconcessionaires,tenants,taxiWhiletheairportdecarbonizationroadmapisandcar-sharingoperators,citytransport,fuellingcommontoall,anairport’sstartingpointandspeedcompaniesandothers.Inaddition,airportscanofexecutionwilldependonitssize,thematurityofitsgoverningpolicyandthesourcesoffundingavailabletoitbasedonthosetwofactors.CASESTUDYLondonHeathrowLondonHeathrowisaprivatelyownedglobalhubThereductionofScope3emissionsfromaircraftisaground-connectorthatservedover61millionpassengersinbreakingKPIincludedinHeathrow’sinnovativesustainability-2022.TheACAhasawardedLHRwiththehighestlinkedbondframework.Theframework,publishedinJunedecarbonizationaccreditationof4+.Forsometime,2023,isnovelinthatitincludesdecarbonizationtargetsHeathrowhaschargedahigherlandingfeeforplanesthataddressHeathrow’sentireemissionsprofile,inlinewithwithsignificantnitrousoxide(NOx)emissions.ButintheUK’snationalemissionsreductiontargets.Theairport2023,Heathrowannouncedthatthechargescollectedforhascommittedtoa15%reductionon“intheair”carbonNOxemissionswouldbefunnelledbacktoairlinesasanemissions(includingLTO,taxiandcruisefordepartingflights)incentivetouseSAF.AirlineswhodeliverSAFtoHeathrowby2030anda46%reductionin“ontheground”emissionsforuseintheiraircraftwillhavefundsredistributedfromtheby2030,includingScope1,2and3emissions.ThisKPIwaslandingchargestoreducethepremiumpricegapbetweenvalidatedbytheSBTi–thefirsttimeanairporthaspublishedkerosene-basedjetfuelandSAF.avalidatedSBTitrajectory.TherehasnotyetbeenbroadadoptionofdifferentialTheissuanceofthisframeworkandsubsequentSLBmadelandingchargesbyairportsandnotalljurisdictionspermitwavesintheairportcommunity,causinginvestorstoaskthem.AsofOctober2022,only43airportshademissions-forasimilarapproachwithinotherleadingdecarbonizationbasedchargesforairlines.Attemptstobroadentheuseofframeworks.ThesecommitmentsweremadepossiblefordifferentiallandingchargeshavemetwithresistancefromHeathrowinpartbythegoverningpolicyinwhichtheairportairlinesandhaveoftenresultedinprolongedlegalbattles.operates.TheUnitedKingdomgovernmenthaspublishedHowever,implementationoflandingchargesfornoise,localambitioustargetsforaviationby2030,includinga10%targetairpollutionandNOxarelegalunderICAO,whichprovidesonSAF,aswellasanambitiouszeroemissionvehicle(ZEV)specificguidelinesonhowchargesmaybeinstalledmandaterequiring80%ofnewcarstobeZEVby2030.25andused.WhilefollowingICAO’sguidelines,Heathrow’sNOxemissionschargeredistributiontoairlinesisanovelThesepolicies,notreflectedinotherjurisdictionssuchastheapproachtoincentivizetheuseoflower-carbonfuelandEUandUS,alsoallowfortheimplementationofdifferentialreduceScope3emissions.landingcharges.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit223AirportfinancingtoolkitFinancingoptionsincludecommercialorgovernmentloans,corporateorsustainabilitybonds,greenfinance,privatecapitalordevelopmentbankfinance.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit23ThetoolkitpresentedinthischapterprovidesWhenlookingtofunddecarbonizationprojects,guidanceforairportsacrosstheworldthatareairportsmaywishtoconsideralternativesourcesstudyingfinancingoptionsfordecarbonizationalongsideorinsteadofconventionalfinance,includingprojects.Airportstraditionallydrawfinancingfromasustainability-linkedbondsorloansandgreenvarietyofsourcesoutsidetheirownretainedprofitsbondsorloans.Whilethespecificfinancingoptionsandcapitalreserves.State-ownedairportsreceiveavailabletoanindividualairportmayvary,thischapterstatefundingandmostairportsofsufficientsizeconsidersarangeoffundingsourcesthatsupportlooktofinancialmarkets,privatecapitalorregionaldecarbonizationprojects,examinestheirprerequisitesbanksforfinancialsupport.andpresentsrelevantcasestudies.3.1AirportdrivermatrixdeterminesaccesstofinancingThesizeofprojectsandaccesstofinancingwill1.Commercialloansbedeterminedbythelocationoftheairporton2.Governmentloansorgrantstheairportdrivermatrix(seeFigure8).Airports3.Conventionalcorporatebondsfallintotherelevantquadrantofthematrix4.Sustainability-linkedbondsorloansbasedontheirsizeandthematurityleveloftheir5.Greenbondsorloansgoverningpolicy.Thelargestairportslocatedin6.Privatecapitalthemostpolicy-maturejurisdictionsarefound7.Multilateraldevelopmentbankloansandgrantsintheupperright-handquadrant.Thefundingsourcesmostreadilyavailabletoairportshavebeenoverlayedontoeachquadrantandincludethefollowing:FIGURE8Fundingsources,bygovernmentpolicyandairportsizeMatureGoverningpolicy1NascentSmallAirportsize2Large1Commercialloans2Governmentloansorgrants3Conventionalcorporatebonds4Sustainability-linkedbondsorloans5Greenbondsorloans6Privatecapital7DevelopmentbankloansandgrantsNotes:1Thisisablendofthelocalgovernmentpoliciesinboththeairportgeographyandtheairportowner’sgeography.Themorematurejurisdictionwillbethedriver.2Airportsizegenerallyreferstothenumberofpassengersservedbutmayalsorefertothesizeofanairport’soperator,giventhecapacityoflargeroperatorstoreducerisks,gaingreateraccesstofundingandbuildrelationshipswithfinancialinstitutionsandinvestors.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit243.2AirportdecarbonizationfinancingoptionsandcasestudiesCommercialloansDescription–AvailabletobothlargeandsmallairportsinmatureornascentgoverningpolicygeographiesCommercialloansareaconventionalsourceoffundingthatallowairportstoaccessdebt-basedcapitalfromfinancial–Notlinkedtodecarbonizationtargetsorstrategyinstitutionsatafixedorfloatinginterestrateatthetimetheloanwasissued.Tosecuretheloan,debtissuersmayrequire–Predictablecostofcapitalforairportsairportstopostcollateralincludingfuturerevenues,propertyorequipment,whichmaybeconfiscatedincaseofdefault.CasestudyAirportscanusecommercialloanstofinanceavarietyofAntalyaAirport,Turkeyisaninternationalairporthandlingcapitalimprovements,suchasconstructingnewfacilities,over31millionpassengersin2022.In2023,AntalyaAirportpurchasingequipmentandrenovatingexistinginfrastructure.soughtfundingfortheexpansionofpassengerterminalsandconstructionofadditionalapronspacesandtaxiways.Theseloanscanbeobtainedfromavarietyoffinancialinstitutions,includingbanks.EligibilityforcommercialloansTheEuropeanBankforReconstructionandDevelopmentisdeterminedbyevaluatinganairport’screditworthiness(EBRD)providedacommercialbridgeloantoAntalyatothroughexaminationofanairport’sfinancialstatementsandcover€140millionofthe€2,469millionproject,whichwillbecredithistory.Loanpricingisdependentuponanumberoffinancedbyacombinationofequityanddebt.factors,includingairportcreditworthiness,yieldtype,loantermandavarietyofotherfactors.Inadditiontofinancialeligibilityrequirements,theEBRDinstitutedclimaterequirementsinthetermsoffunding.ThefundingTermloanspricedagainstLondonInterbankOfferRaterequiredacomprehensiveenvironmentalandsocialimpact(LIBOR)26rangedconsiderablybasedontheiryieldtype:assessmentpriortoprojectworkbeginningandiscontingenthighlyleveragedloansforairportsrangedfromLIBORuponadherencetoanenvironmentalandsocialactionplan.+250—1000basispoints(bps),27leveragedloanswerefrom+70—370bpsandnear-investmentgradeandinvestmentInaddition,portionsofthefundingwillbeusedforLEED-gradewerebetween+3.5—250bps.28certified29terminalconstruction,asolarpowerplantandincreasedemployeediversitywithacommitmenttoConsiderationsincreasingtheshareofwomeninitscontractorworkforce.AntalyaAirportalsocommittedtoachievingACAlevel4+as–Flexibilitytofunddecarbonizationorconventionalprojectsanoutcomeofthefundedprojects.GovernmentloansorgrantsDescriptiondecarbonizationprojectsisdeterminedbythematurityofgovernmentdecarbonizationpolicy.Governmentloansorgrantsareanotherconventionalsourceoffinancingthatallowairportstoraisedebt-basedcapital.Government-ownedairports,particularlysmallerairportsWhileloansneedtoberepaid,grantsdonot.Themajorityofwithouttheabilitytoaccessothersourcesoffinance,relyonairportsgloballyrelyongovernmentloansorgrantstosomegovernmentloansandgrantsforday-to-dayoperationsandextentforfunding.functionalinfrastructureupgrades.TheextenttowhichtheseloansandgrantsareTheseairportsmayapplyforadditionalgrantstobeusedorientatedtowardsfundingcoreairportoperationsversusfordecarbonizationprojects;however,fundingconstraintsFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit25meanthattheimplementationofsuchprojectswilldependnearlyhalfofallairtrafficinColombia,serving36milliononhowadvancedtheregionaldecarbonizationpolicyispassengersin2022.andmorebroadlytheattitudeofthegovernmentstowardsdecarbonizationasapublicgoal.BOGisownedbytheColombiangovernmentandoperatedbyaconsortiumofcompanies,includingColombianLargergovernment-ownedairportswithadditionaloptionsforconstructionandengineeringfirmsandFlughafenZurichAG,fundingwillhavemoreflexibilityindivertingpublicfundstowardstheoperatorofZurichAirport.decarbonization-relatedprojects,whichmayinturnopenmoredoorstofundingfromenvironmentallymindedinvestors.BogotaAirportgainedACAlevel4in2023,becomingthefirstairportinLatinAmericaandtheCaribbeantoachievethatConsiderationslevelandthehighestlevelofanyairportintheregion.–FundsmayhavedefinedeligibleusesandmaynotbeAsagovernment-ownedairport,BOGreceivesfundingusedfordecarbonizationprojectsfromtheColombiangovernmentandissupportedbyitsoperatingconsortiumtofinancethedecarbonizationprojects–MoreaffordablecapitalforairportsrequiredtoreachACAlevel4.BogotaAirporthasinvested–Availabletobothlargeandsmallgovernment-fundedinrenewableenergybyinstallingmorethan11,000solarpanels,whichisthelargestphotovoltaicinstallationinSouthairportsinmatureornascentgoverningpolicygeographiesAmerica,reducedelectricalenergyconsumptionbymore–Maynotcoverallthecostofoperationsthan11%throughadoptionofLEDlightingtechnologyandcommittedtoresponsiblewastemanagement,withnearlyCasestudy80%ofwastegeneratedbeingrepurposed.ElDoradoInternationalAirport(BOG)inBogota,Colombia,istheprimaryairportservingthecountryandaccountsforConventionalcorporatebondsDescriptionIntermsofpricing,analysisofover300bondsissuedbyairportssince2018totallingover$65billionshowedanConventionalcorporatebonds–debtraisedfrominstitutionalaverage2.96%couponrate.30investorssuchaspensionfunds–areanotherpopularsourceoffinancing.Whenaninvestorbuysacorporatebond,theyConsiderationsareeffectivelybuyingan“IOU”fromthecorporationthatistoberepaidatapre-determineddate(“maturity”).–Flexibilitytofunddecarbonizationorconventionalprojects–NoriskofgreenwashingThebondwillalsotypicallypay“coupons”,whichareinterest-–Predictablecostofcapitalforairportsbasedpaymentsmadetothebondholderatregularintervals.–LessaccessibleforsmallairportsTosetupandexecutethesaleofthebonds,corporationsusuallyenlistthehelpofinvestmentbankswhichfunctionasCasestudyunderwriters.DallasFortWorthInternationalAirport(DFW)isapubliclyAirportsissuecorporatebondsforinfrastructureprojects,ownedglobalhubconnectorintheUSandthesecondoperationalimprovements,airportexpansionandbusiestairportbypassengervolumesintheworld.decarbonizationprojects.Giventhesignificantcostsinvolved,corporatebondsaremorecommonlyissuedbylargerInApril2022,DFWissuedarevenue-backed$1.2billionairportsthansmallerones.bondsaleunderwrittenbyCitigrouptohelpfundtheairport’scapitalprogrammeforterminalandotherinfrastructureLargerairportsmayissueairportrevenuebonds,whichimprovementsbetween2022and2027,whichisprojectedtoaresecuredbytheoperatingrevenueoftheairportcost$5.9billion.generatedfromairportactivitiessuchaslandingfees,terminalrents,concessionrevenue,parkingchargesandDFW’scapitalprogrammeisacomponentofits2021-2024otherincomestreams.strategicplan,ofwhichoneprongissustainabilitywithanoverallgoalofnet-zeroemissionsby2030.Smaller,publiclyownedairportsmayattimesbeabletoissuebondswithgovernmententitiesbackedbythatFundingwillbeusedtoelectrifyDFW’sfleetofvehicles,buildentity’staxingauthority,toreducetheriskassociatedwithanelectriccentralutilityplantand,eventually,toinvestinloweroperatingrevenues.carbondioxideremoval(CDR)technology.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit26Sustainability-linkedbondsorloansDescription–Moreinvolvedapplicationprocessthanconventionalbondsorloans(requiresdevelopmentofsustainability-Sustainability-linkedbondsorloansarefinancialinstrumentslinkedfinanceframeworkandsecond-partyopinionfromthatincentivizetheissuertoachievepredeterminedareputableinstitution)sustainabilityperformancetargets(SPTs),suchasdecarbonizationtargets,whilepotentiallyprovidingthe–Requiresadditionaltrackingandreportingcomparedtoopportunitytoreducefinancingcosts,usuallythroughlowerconventionalloansorbondsinterestrates(seeFigure9).–RiskofgreenwashingarisingfromscepticismaroundFundsfromsustainability-linkedinstrumentsneednotbetargets,trackingandreportingusedexclusivelyforenvironmentalorsocialprojects.Rather,theycanbeusedtofinanceanyprojectwhosefundingcosts–LessaccessibletosmallairportswithlesscapacitytoarelinkedtothosepredeterminedSPTsthatconsiderthedevelopanddocumentdecarbonizationstrategiesandholisticperformanceofanairporttowardsdecarbonizationapplicableprojectstargetsandotherclimategoals.–PotentialforcostofcapitalpenaltiesifSBTsarenotmetAirportsthatdonotattaintheagreed-uponprogressontheirSPTswillincurpenaltiesintheformofhigherinterestrates.CasestudyResearchofrecentissuancesshowsthatpenaltiescanbeanywherefrom5to25bpsperannum.GrupoAeroportuarioCentroNorte,Mexico,knownasOMA,isaMexicanairportoperatorheadquarteredinSanTobeeligibleforsustainability-linkedfunding,airportsmusthavePedro,Mexico.Itoperates13internationalairportsandclearandcredibletransitionplanswhichincludeanestablishedservedover23millionpassengersin2022.baselinefortheircarbonemissions,asetofrigorousandcrediblecarbonreductiontargets,andinstitutionalizedreportingIn2023,OMAissuedmorethan$175millioninsustainability-andtrackingprotocolstomeasureprogress.linkedbondsacrosstwoissuances($35millionin3-yearnotesatavariablerateofInterbankEquilibriumInterestRateTheseeligibilityrequirementsaregenerallyrecordedin(TIIE)28+23bps,$140millionin7-yearnotesatafixedratesustainablefinancingframeworks,whichhelpborrowerstoof10.26%)tiedtoareductioninScope1and2emissionsbyaccesssustainability-linkedfundingbydocumentingtheir58%by2025comparedtoa2018baseline.sustainabilitystrategies,includinganysustainabilitygoalsandassociatedKPIs,sustainabilityprogrammegovernance,ThisSPTwasdocumentedinOMA’ssustainability-linkedrationaleforestablishingasustainablefinanceframeworkframework,publishedin2022,inaccordancewiththeICMAandalignmenttoanyexternalsustainablefinanceinstrumentsustainability-linkedbondprinciples(2020).programmesliketheInternationalCapitalMarketAssociation(ICMA)bondandloanprinciples.31OMAplanstoachievetheSPTthroughinstallationofsolarpanels,apowerpurchaseagreementwithawindenergySustainability-linkedbondsandloanshavenomeaningfulsupplierandinvestmentinenergyefficiencysystemsdifferenceinpricingcomparedwithconventionalinstrumentsacrossairports.Inaddition,OMAhascommittedtoobtaininmostcases;however,emergingevidenceshowsthatACAlevel2foritsfivelargestairportsbypassengertrafficinvolvingexternalreviewerstovalidatesustainabilitytargetsby2025.andillustratetheambitionoftheframeworkmayaffectpricingpositivelyforthelender.32ShouldOMAnotmeettheSPTithascommittedto,thebondissuanceswillfaceaninterestratestep-changeofConsiderations25bpsin2026unlessOMAcandemonstratethatithasachievedthedefinedcarbonreductionKPI.Theissuances–PotentialtoachievelowerinterestrateswithSPTsbeingmetreceivedthehighestratingsinMexicoofAAA.mxbyMoody’sandAAA(mex)byFitch.Thebookrunneronthe–FlexibilitytofunddecarbonizationorconventionalprojectsissuanceswasCitibanamex.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit27GreenbondsorloansDescription–Moreinvolvedapplicationprocessthanconventionalbondsorloans(requiresdevelopmentofgreenand/orGreenbondsorloansareafinancialinstrumentthatallowssustainablefinanceframeworkandsecond-partyopinionairportstoraisedebt-basedcapitalspecificallyforgreenfromareputableinstitution)projects,includingcarbonreductionprojects(seeFigure9).–RequiresadditionaltrackingandreportingcomparedtoGreenfinancialinstrumentsdonottietheinterestratetoconventionalloansorbondsperformanceagainsttargets,butare“for-purpose”,meaningthefinancingmayonlybeusedforspecificlow-carbonor–Someriskofgreenwashingforairportsandfinancialcarbonreductionprojectsvettedbythefinancialinstitutioninstitutionsprovidingthefunding.–LessaccessibletosmallairportswithlesscapacitytoFailuretodemonstratecarbonreductionpotentialforaprojectdevelopanddocumentdecarboni-zationstrategiesandwilldisqualifyanairportfromreceivinggreenfunding.GreenapplicableprojectsbondsandloansdependongreenorsustainablefinanceframeworksthatdefinewhichprojectsandinvestmentsareCasestudyconsidered“greeninvestments”aswellasaprocessforprojectevaluationandselection,governancetomanageproceedsIndiraGandhiInternationalAirport,India(DEL)istheincludingsupervision,trackingandreporting,andadetailedbusiestairportinIndiabypassengertrafficandserved65descriptionofthefrequency,durationandlevelofallocationmillionpassengersin2022.DelhiAirportisownedbythereportingforanyfundsreceivedinordertoavoidgreenwashing.AirportsAuthorityofIndia,agovernment-entity,butoperatedthroughajointventurewithGMRGroup,AirportsAuthorityOnaverage,greenbondsarepricedslightlycheaperthanofIndiaandEuropeanoperatorFraport.DelhiAirporthasconventionalbonds,suggestingthatinvestorsarewillingtoachievedthehighestACAlevel–level4+transition,asasigninvestingreenbondsthatarecomparabletoconventionalbondsofitscommitmenttodecarbonizationandprogresstowardsoracceptaslightlyloweryield(-1to-9bpsonthesecondarynetzero.market)forgreenlabelling.However,thereisasubstantialamountofvariationintheprimarymarketforgreenbonds,withspreadsIn2021,DelhiAirportissuedafour-year,seven-month$450comparedtoconventionalbonds(-85to+213bps).33milliongreenbondatacouponrateof6.25%.ThebondreceivedaratingofBa3/BBandwaswellreceivedbytheConsiderationsmarketat2.8xoversubscribed.–Potentialtobelessexpensivethanconventionaldebt-Inadvanceofthegreenbondissue,DELpublishedabasedfundingsecond-partyvalidatedgreenfinanceframeworkthatoutlinedeligiblegreenprojectstobefunded,includingLEED-certified–Avenuetofunddecarbonizationprojectsforairportsingreenbuildings,renewableenergygeneration,electricvehiclematuregoverningpolicygeographieschargingstations,energyefficiencyprojectswithinbuildingsandwatermanagementprojects.HSBCandJPMorgan–For-purposefundingismorerestrictivethanotherSecuritiesactedasthejointleadstructuringagentsonthesourcesofcapitalbondissue.PrivatecapitalDescriptionimprovementprojectstofillagapinfundingnotmetbydebtfrombanksorgovernmentloansandgrants.Privatecapitalisfundingthatincludesprivateequity,venturecapitalandotherformsofalternativeinvestmentstypicallyPrivatecapitalinvolvementinairportsincludesdifferentprovidedbyinstitutionalinvestors,highnet-worthindividualsmodelssuchaspublic-privatepartnerships(PPPs),whichareandprivateequityfirms.ahybridbetweenprivateandpublicownershipoftheairportandfullorpartialprivatization.PPPsmaintaingovernmentItisusedbyairportstofinancegrowthortoraisefundsfundingwhilebringinginmuch-neededcapitalinvestmenttobysellingequity.Privatecapitalhasbecomeincreasinglyimproveairportinfrastructure.importantforairportsinrecentyears,asmanyairportshaveturnedtoprivatemoneytofundinfrastructureandotherPrivatecapitalonaverageispricedslightlyhigherthanFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit28conventionalcorporateloans.Forairports’termloanspricedJerseyandisoneofthreemajorairportsthatservestheNewagainsttheLIBOR,highlyleveragedloansrangedfromYorkmetropolitanarea.+250—725bps,leveragedloanswere+250—525bpsandnear-investmentgradeandinvestmentgradeloansrangedIn2016,LGAunderwenttheLaGuardiaTerminalBfrom+200—250bps.34redevelopmentprojectinthelargesttransportationpublic-privatepartnershipinfrastructureprojectinUShistory.ConsiderationsTheLaGuardiaGatewayPartners(LGP)PPPconsortium–FundingmaybeusedforconventionalorwasledbyVantageAirportsGroup,aCanada-baseddecarbonizationprojectsprivateequityfirm,tofundthe$5.1billionproject.Vantage,anequityshareholderinLGP,oversawthe–Mayfillgapsinfundingnotmetbygovernmentloansandprojectandwillmanageongoingoperationsinthegrantsordebtfrombanksreconstructedterminal.–DifferentmodelsoffundingcreateflexibilityforairportsTheTerminalBredevelopmentprojectwasthefirstairport–MorestringentrequirementsfordecarbonizationstrategiesprojectintheworldtoachieveLEEDgoldv4certificationandinvolvedothersustainabilityanddecarbonizationmeasures,andtargetsinmaturegoverningpolicygeographiesincludingamoreenergy-efficientbaggagehandlingsystem–Lessavailableforsmallairports,givenhigherriskandthatcansave37%ofenergyusedintraditionalbaggagehandlingtechnology,aswellasrooftopsolarhotwaterprivatecapital’sfocusonreturnoninvestmentsystems,electricGPUsateachgateforaircraft,preferred–Maybemoreexpensivethangovernmentloansparkingforlow-emissionvehiclesandadditionalelectriccar-chargingstations.CasestudyLaGuardiaAirport(LGA)inNewYorkCity,US,isapublicairportownedbythePortAuthorityofNewYorkandNewMultilateraldevelopmentbankloansandgrantsDescriptionCasestudyMultilateraldevelopmentbanks(MDBs)arefinancialKunmingChangshuiInternationalAirport(KMG)inYunnaninstitutionsthatprovidemedium-andlong-termcapitalforProvince,Chinaistheprimaryairportservingthesouth-westofproductiveinvestment,oftenaccompaniedbytechnicalChinaandaninternationalgatewaytoSouth-EastandSouthassistance,infinanciallydisadvantagedcountries.Asiaservingover48millionpassengersin2019.Incertaininstances,banksliketheEuropeanInvestmentIn2023,theAsianInfrastructureInvestmentBank(AIIB)Bank(EIB)maymakefundingavailableforcertainprojectsinprovidedasovereign-backedloanofaround$500milliondevelopedcountriesaswell,thoughinnocasewouldsuchfortheKMGexpansionandgreendevelopmentproject,fundinggotowardsairportexpansion.whichhasadualfocusofgreendevelopmentandexpandedconnectivityfortheairport.Airportsinfinanciallydisadvantagedordevelopingcountriesthatwishtofinancedecarbonizationprojectsmayraisedebt-basedTheprojectincludestheconstructionoftwonewrunways,capitalthroughconcessionaryloansorbondsfromMDBs.Inaprons,acargoterminal,maintenancearea,generalthesecountries,airportsmaybeabletofinanceexpansiontransportcentreandworkingareas.Theprojectalsoincludesprojectsifthereisaclearsocialandeconomicbenefit.theconstructionofanewterminalbuilding,T2,withacapacityof40millionpassengersperyear.ConsiderationsWithintheproject’sscope,theAIIBwillfundconstruction–Higherlendingrisktoleranceforairportsinnascentofairsideinfrastructureintheeasternpartoftheairport,governingpolicyregionsconstructionofapronsandassociatedlightingaroundT2,electrifiedground-handlingserviceprovidervehiclesand–Avenuetofundprojectsforairportsindevelopingcountrieschargers,electricGPUs,noisemonitoringequipmentandtechnicalsupportandcapacitybuilding.–LesscommonthanconventionalfinancialinstitutionsAIIBspecifiedthatKMGiseligibletoreceivefundingforthis–SmalleroverallpooloffundingavailableprojectduetoChina’snationaldecarbonizationcommitments,whichareParis-aligned.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit29FIGURE9Greenfinanceandsustainability-linkedbondsandloansGreenbondsandloansSustainability-linkedbondsandloansFor-purposeGeneralpurposeMayonlybeusedforgreenprojectsMaybeusedfordecarbonizationprojectsorgeneralcorporatepurposeUsecaseMustbeusedongreenprojectsasdeﬁnedbyaPerformanceagainstborrower’stargetsEligibilitygreenﬁnanceframeworkdocumentedinasustainability-linkedﬁnanceTermsframeworkPricingDeterminedatissuance–nottiedtoprojectTiedtoperformanceagainstsustainableoutcomesperformancetargets(SPTs)–failuretoreachtargetscanresultinpenaltiesfrom5to25basispointsOnaverage,greenbondsarepricedslightlycheaperOnaverage,sustainability-linkedbondsandloansarethanconventionalbondspricedslightlycheaperthanconventionalbondsFinancingTheAirportsOfTomorrow:AGreenTransitionToolkit304LookingAheadAirportswillstruggletoaccessfinancewithoutdemonstratingprogressondecarbonization–buttacklingemissionsandinvestingincleanenergywillsecuretheirfuture.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit31Whileitischallengingtopredictwithanycertaintywhichgreentransitionprojectsairportswillneedtofinanceandwhen,orindeedevenwhatroleairportswillplaygoingforward,therearesomegenerallyacceptedscenariosforthelongterm.4.1AirportsasanenergyhubInagreentransitionfuture,airportswillnolongerthecaseinsmallerhubsandregionalairportsthatserveonlyaspassengerandcargohubs.Thisreportserveasmallerradiusofdestinations.anticipatesthatairportswillbecomerenewableenergyproductionanddistributionhubsfortheirlocalAsanexampleofthescaleofthechallengeahead,communities.35Thisnewroleforairportsasenergyaleadingglobalhubairporthascalculatedthathubswillcreateopportunitiesforeconomicgrowthmoving900peopleadayonelectricverticaltake-andexpansionintonewincomestreams,particularlyoffandlandingaircraft(eVTOLs)–apromisingattimesofhighenergyproductionanddemand.technologyforelectricity-poweredflight–wouldAdditionally,theexpansionintorenewableenergycommand40%ofitstotalcurrentelectricalcreationanddistributionwillgenerateanewsourcecapacity,makingthebusinesscasetoimplementofgreenjobsforairportcommunities.thismuchmorechallenging.Airportswillneedtosecureaccessto–orAirportsmayberequiredtoswitchtootherproduceanddistributetheirown–abundant,renewableenergysourcestomeettheanticipatedcost-effectivecleanenergytosupplementlimiteddemandsoftheairportecosystemforlow-carbonlocalelectricitygrids.Muchoftheincreaseinenergy.However,withanadvancedenergyrenewableelectricitydemandwillgotowardstheproductionsystem,likethekindthatwouldbeproductionofgreenhydrogenorthechargingrequiredforanairporttotransitiontotheroleofanofbattery-poweredaircraftasthesenewenergyhub,theextraelectricalcapacityrequiredtechnologiescomeonline.Thiswillbeespeciallymaynotbeasignificantproblem.4.2HydrogeninfrastructureOnepotentialsolutiontoScope3emissionsisSomeairportsmaywanttoconsideronsiteinvestingintheinfrastructure,technologyandhydrogenproductionandliquefaction,whichoperationalcapabilitiesrequiredfortheproduction,wouldproduceeconomiesofscalefortheairportstorageanddistributionofhydrogenatairports.andreducetheriskanddifficultyoftransportingHydrogenisacleanandversatileenergysourcehydrogen.Airportsthatproducehydrogenonsiteandisanexpectedsource,alongwithelectricity,couldalsosupplyhydrogennotonlytoaircraftbutforalternativepropulsioninaviation’spathoftosurroundingbusinesses,creatinganewrevenuedecarbonizationtonetzeroby2050.streamforairports.AirportsneedtoconsiderhowtheyshouldprepareOnsitehydrogenproductionwouldrequireforafuturewithhydrogenfuellingasarequirementsignificantfundingandanewlevelofoperationaltoservetheirtenants.Thenewtechnologywouldexpertise,whichmaynotbeaviableendeavourforrequiresignificantinfrastructureinvestment,regardlesssmallerairports,astheymaylacksufficientaccessofanairport’sdegreeofinvolvementinhydrogentofunding,eitherconventionalorsustainable,toproduction.Whileairportsmaynotberesponsibleaffordthenecessaryprojects.Inaddition,space-themselvesforfundinghydrogeninfrastructureconstrainedairportsmaynothavesufficientlandtoprojects,manysuchprojectswillberequiredonsiteaccommodatetheadditionalinfrastructurerequiredandarelikelytofallundertheirpurview.forhydrogen-poweredflight.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit324.3HybridfinancingInordertosecurefundingforlargeinfrastructureBeyondfinancialassistance,hybridfinancecanalsoprojectssuchasthosedescribedabove,aassistinsectorgoalsthroughtechnicalassistance,greateruseof“hybridfinancing”islikely.Hybridprojectpreparation,howtostructureandimplementorblendedfinanceusespublicorconcessionarydecarbonizationprojects,andspecificexpertisefundingtoattractprivatesectorinvestmentbythatmightnototherwisebeavailable.Whileitisde-riskingprojectsthatmightnotbecommerciallyunlikelythathybridfinancewillplayasignificantroleviablebutarecrucialtoothergoals,includingtheinaddressingScope1or2emissionsreductionenergytransition.projects,itisexpectedtobecomecommoninScope3emissionsreductionprojects.4.4“Donothing”isnotanoptionWithoutItisnolongeraviableoptionforairportstodelayincreasetheoverallemissionsofanairport.Withoutdemonstratingtheirdecarbonizationjourney.Interviewswithdemonstratingprogresstowardsdecarbonization,progresstowardsfinancialinstitutionsacrossthespectrumoffundingairportswilllikelyexperiencerestrictionsonaccessdecarbonization,sourcesindicatethatairportsinclimate-maturetoconventionalfinance.airportswillgeographiescouldexperiencemoreconstrictedlikelyexperienceaccesstocapitalinthefutureiftheydonotFinancialinstitutionswillcontinuetorespondrestrictionsestablishstrategicdecarbonizationplansandtopressurefrompolicywithinclimate-matureonaccesstodemonstrateactionagainstthem.geographiesandfrominvestorstolimitfundingtoconventionalhard-to-abateindustrieslikeaviation.Airportsmustactfinance.Inmaturegoverningpolicyjurisdictions,financiersnowtoplanforafuturetargetingnetzeroandensurehaverelayedthataccesstofinanceisalreadythattheyemploydecarbonizationstrategiesthatgivebecominglimitedforairportexpansionprojectsthatthemaccesstothesourcesoffinancetheywillrequire.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit33ConclusionWhilethechallengefacedbyairportstodecarbonizationcanandwilloccur.Amongthedecarbonizecanseemdaunting,airportsstandmostpivotalkeystosuccesswillbetheabilityofreadytotakeresponsibilityfortheportionoftheairportsandtheirecosystemstosecurefinancingglobalcarbonfootprintwithintheircontrolandfortheexpected$5trillioncapitalinvestmentarealreadystartingtodefineandimplementnecessarytotransitionairportsandaviationtonet-decarbonizationstrategies.Theirdilemmaiszerooperationsby2050.thelargerpartoftheiremissionsprofilethatfallsbeyondtheircontrolandforwhichnoimmediate,ItisthehopeofOliverWyman,theWorldEconomiccomprehensivesolutionsexist.Forum,ACIWorldandMundysthatthistoolkitwillhelpairportsidentifyandaccesssufficientandButthroughthecontinuouscollaborationofonsiteinnovativefundingsourcestosupportthesector-andoffsiteairportecosystemmembers,systemicwidegoalofdecarbonization.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit34GlossaryACA:AirportCarbonAccreditation.predominantlyofftheairportgrounds,includingpolicy-makersandgovernments,localcommunitymembersACI:AirportsCouncilInternational.andfinancialinstitutionsandinvestors.ANSPs:AirNavigationServiceProviders.OEMs:Originalequipmentmanufacturers.Biofuels:FuelsderivedfromrenewableresourcesthatOnsiteecosystemmembers:Ecosystemcanbeusedasalternativestotraditionalfossilfuels.participantsontheairportgrounds,includingtheairportsthemselves,airlines,ground-handlingserviceCarbonemissionsprofile:ThetotalamountofprovidersandANSPs.carbondioxideemittedintotheatmosphereasaresultofhumanactivities.Paris-aligned:InreferencetocommitmentsorplansthatareconsistentwiththeParisAgreementonCO2:Carbondioxide.climatechange.Decarbonization:Theprocessofreducingoreliminatingcarbondioxideemissions.PPA:PowerpurchaseagreementeVTOLaircraft:Electricverticaltake-offandSBTi:ScienceBasedTargetsinitiative.landingaircraft.Scope1emissions:DirectgreenhousegasemissionsEmissionsintensity:Theamountofgreenhousefromsourcesthatareownedorcontrolledbyangasemissionsperunitofactivityoroutput.organization,suchasemissionsfromcombustioninownedorcontrolledboilers,furnaces,vehiclesetc.EUtaxonomy:TheEUtaxonomyforsustainableactivitiesisaclassificationsystemestablishedtoclarifyScope2emissions:Indirectgreenhousegaswhichinvestmentsareenvironmentallysustainable.emissionsfromtheconsumptionofpurchasedelectricity,heatorsteam.Forum:WorldEconomicForum.Scope3emissions:IndirectgreenhousegasGHG:Greenhousegas.emissionsthatareaconsequenceofanorganization’sactivitiesbutoccurfromsourcesnotownedorGHSP:Ground-handlingserviceproviders.controlledbytheorganization,suchasemissionsfromtheproductionofpurchasedmaterials,transportationGPU:Groundpowerunit.ofgoodsandwastedisposal.GSE:Groundserviceequipment.SDGs:Sustainabledevelopmentgoals.HVO:Hydrotreatedvegetableoil.SPT:Sustainableperformancetarget.ICAO:InternationalCivilAviationOrganization.Sustainablefinance:Theprovisionoffinancetoinvestmentsthatprovideenvironmental,socialandIIJA:InfrastructureInvestmentandJobsAct.governancebenefits.IRA:InflationReductionAct.Sustainablefinancingframeworks:FrameworkdocumentsusedtodocumentsustainablegoalsandKPIs:Keyperformanceindicators.targetsofanorganization,criteriaforalignmentwithenvironmental,socialandgovernanceconsiderationsLIBOR:LondonInterbankOfferedRate.andprojectsthatmayfallwithinthoseconsiderationstoreceivefunding.LTO:Landingandtake-off[cycleforaircraft].SustainableaviationfuelorSAF:AtypeofaviationNet-zero:Achievingabalancebetweentheamountfuelthatisproducedfromrenewablesources,suchasofGHGemissionsproducedandtheamountbiomassorwastematerialsandhaslowergreenhouseremovedfromtheatmosphere.gasemissionsthanconventionalaviationfuel.NZBA:NetZeroBankingAlliance.TIEE:InterbankEquilibriumInterestRate.NZE:Net-zeroemissions.Zero-tailpipeCO2operation:TheoperationofvehiclesorequipmentwithzeroemissionsofcarbonOffsiteparticipants:Ecosystemparticipantsthataredioxidefromthetailpipe,suchaselectricvehiclesorequipmentpoweredbyhydrogenfuelcells.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit35ContributorsAdditionalcontributorsWorldEconomicForumTheideasandopinionsexpressedinthiswhitepaperhavebeeninformedbyinterviewswiththefollowingLaiaBarbaràorganizations,butdonotnecessarilyreflecttheHead,ClimateStrategyindividualopinionsoftheadditionalcontributorslistedVladimirBorodinbelow.SomeoftheorganizationsbelowarefeaturedSpecialist,AirportsofTomorrowincasestudiesinthereport,butallinformationattributedtoindividualairportsandfinancialinstitutionsOliverWymanwassourcedfrompubliclyavailablesources.RanaNawasTheWorldEconomicForumwouldliketoextenditsPartner,TransportationandServicesPracticewarmthankstothefollowingvaluedcontributors:TimBournePrincipal,TransportationandServicesPracticeAbuDhabiInvestmentAuthorityHannahWhitneyAeroportidiRomaSeniorConsultantAsianInfrastructureInvestmentBankBNPParibasAirportsCouncilInternationalCasablancaMohammedVInternationalAirportWorldCDPQCreditAgricoleMichaelRossellDallasFortWorthInternationalAirportSeniorVicePresident,InternationalRelationsDubaiAirportsJenniferDesharnaisEDFInvestDirector,SustainabilityandEnvironmentEuropeanBankforReconstructionandAlicjaGajewskaDevelopmentManager,SustainabilityandEnvironmentalEuropeanInvestmentBankProtectionFerrovialFrankfurtAirportMundysHamadInternationalAirportHongKongInternationalAirportKatiaRivaHSBCChiefSustainabilityandInnovationOfficerIFMInvestorsAliceBordiniStadenIndiraGandhiInternationalAirportClimateStrategyAdvisorKansaiInternationalAirportLondonHeathrowEditinganddesignMalaysiaAirportsMoiInternationalAirportJonathanWalterOntarioInternationalAirportEditorPIMCOAlbertBadiaWrenHouseInfrastructureDesignerTheWorldEconomicForumwouldalsoliketoextendparticularthankstoRekibuddenAhmed,BenjaminBridgeland,SvenDeckersandManishSethiofDubaiAirportsfortheircontributions.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit36Endnotes1.AirportsCouncilInternationalWorld,Long-TermCarbonGoalStudyforAirportsReport,2021,https://store.aci.aero/product/long-term-carbon-goal-study-for-airports-report-2021/.2.InternationalCivilAviationOrganization(ICAO),2023,https://www.icao.int/Pages/default.aspx.3.MissionPossiblePartnership(MPP),MakingNet-ZeroAviationPossible:Anindustry-backed,1.5°C-alignedtransitionstrategy,2022,https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.4.AirportsCouncilInternationalWorld,Long-TermCarbonGoalStudyforAirportsReport,2021,https://store.aci.aero/product/long-term-carbon-goal-study-for-airports-report-2021/.5.MissionPossiblePartnership(MPP),MakingNet-ZeroAviationPossible:Anindustry-backed,1.5°C-alignedtransitionstrategy,2022,https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.6.AirportsCouncilInternational–NorthAmerica,AirportInfrastructureNeedsStudy,2023,https://airportscouncil.org/intelligence/airport-infrastructure-needs-study/.7.OliverWymananalysis,2023;FitchSolutionsInfrastructureReport.8.MissionPossiblePartnership(MPP),MakingNet-ZeroAviationPossible:Anindustry-backed,1.5°C-alignedtransitionstrategy,2022,https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.9.Sources:−OliverWymananalysis,2023.−EuropeanCommission,EUtaxonomynavigator,2023,https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en#eu-taxonomy-navigator.10.OliverWymananalysis,2023.11.EuropeanCommission,EUtaxonomynavigator,2023,https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en#eu-taxonomy-navigator.12.Enel,Sustainability-LinkedBondENG,14February2023,https://www.enel.com/content/dam/enel-common/press/en/2023-february/Sustainability%20Linked%20Bond%20ENG.pdf.13.AirportsCouncilInternational(ACI)hasestablishedanAirportCarbonAccreditation(ACA)programmeledbyACIEuropethatindependentlyacknowledgesairports’effortstomanageandreducetheircarbonemissions.TheACAhassixlevelsofprogresscurrentlyrecognized,fromthelowestlevel,Mapping,thatincludesthecompilationofacarbonfootprintreportwithemissionssourcesandcalculationofannualemissionstothehighestlevel,Transition,whichrequiresairportstodefinealong-termcarbonmanagementstrategydrivingtowardsnetzeroby2050,demonstratingevidenceofabsoluteemissionsreductionsacrosstheairportecosystemandoffsetsofanyresidualcarbonemissionsoverwhichtheairporthascontrol.AirportsmayapplytobeconsideredfortheACAprogrammeasasigntoexternalbodiesoftheirdedicationtoandprogresstowardsdecarbonization.Source:https://www.airportcarbonaccreditation.org/.14.EuropeanCommission,Eurobarometer,Climatechange,July2023,https://europa.eu/eurobarometer/surveys/detail/2954.15.EuromonitorInternational,Travelerswillpay10%extraforsustainabletraveldespitecost-of-livingcrisis:EuromonitorReport,15August2023,https://www.euromonitor.com/press/press-releases/august-2023/travellers-will-pay-10-extra-for-sustainable-travel-despite-cost-of-living-crisis-euromonitor-report#:~:text=crisis%3A%20Euromonitor%20Report-,Tr-avellers%20will%20pay%2010%25%20extra%20for%20sustainable%20travel%20despite,of%20living%20crisis%3A%20Euromonitor%20Report&text=Share%3A,Euromonitor%20International’s%20Sustainable%20Travel%20Index.16.PewResearchCenter,MajoritiesOfAmericansPrioritizeRenewableEnergy,BackStepsToAddressClimateChange,28June2023,https://www.pewresearch.org/science/2023/06/28/majorities-of-americans-prioritize-renewable-energy-back-steps-to-address-climate-change/.17.EuropeanCommission,Eurobarometer,AttitudesofEuropeanstowardstourism,November2021,https://europa.eu/eurobarometer/surveys/detail/2283.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit3718.Berger,S.etal.,Willingness-to-payforcarbondioxideoffsets:Fieldevidenceonrevealedpreferencesintheaviationindustry,GlobalEnvironmentalChange,March2022,https://pdf.sciencedirectassets.com/271866/1-s2.0-S0959378022X00022/1-s2.0-S0959378022000085/main.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2V-jEBIaCXVzLWVhc3QtMSJIMEYCIQDeKNr5YtjY4i9a1bEQ3JBzP2k%2Bw8Zgzz1zddCaDA%2BgAAIhAKi0cs8tZWu5OVi-jwvPKpONN5136ZoPwirFJBom1u6Y6KrMFCFsQBRoMMDU5MDAzNTQ2ODY1IgwN7GuxjwS1g2ECXz0qkAWGtFR-2pARM88OCKM9xyq7mFKv083GR2icGH12B%2BMwSfwBO4KoKv8tSc6vJHGVj0jZA%2FoJHrEO9Qn08uN6X6M-vKIa%2FIVVCvkceyGlH1qTCXGfucrfM4YXsNNdKsoh0sgVtFpbgh%2FIAxLAHYoZzmWvBMLqMp6WgkWHyikwP-ph41ZwZ%2FoCPdxtbOJtK85IQadQWdLJV3I8lUxswb9xLZSxtnp18rFZFng%2FNyLTwCUAJBeq%2BxUUmkFbPx%2B-gJMGbAo6TIbLuFl7e3q9wdFlDVAoOnl0s7aMv5wii3WX0CM8X28s%2FLcB04Squ3qc6cTvj02CTFTauIvqWdnuQUW-D9rG0AH9mNdd9XLgmQGq1TH0n0WRVziDZfIqJz0jMDTzTTY%2BZq9h7qIo8XvF%2BOW3WzCcPlGJPpvC8L7dXh-FY5P9Q14DkibGyPflkvSdIMijgRXhDxboh3I%2Btds3g5tpd%2F6qXVjjzDFtMMpMcoAZvT%2FWetASG7ljoZKxwx%2B-B4AAwokEXSCLNj3%2BHMZAiUxaUBY6%2BQ695BZc9QEi6bPt7iipmGg4p%2BQejEt85iwSNX57Z0om00%2FX-s69UXosJNwl2wDv%2FoU8wIoIzAweSpxVQRGxoNB%2FHUzCYSdhG0VP%2BoWlqM%2Bqwsvc2j4blatJ1d-cWzFaVNIJk%2F1GahIENqunSJdyGTFoY7wD5lMAucRk4mMXEOTZRPlcwKlraKCeluH1Y5OKsWtYStSCzrUi0yc-JgluQ%2Fkti65rIAP3myv3dL1y4mTGYS9dhuq0m2IsPk0S8pL4ugpRNLkvvc9euOXjZ7O3s3rv6Jf9BAU95wwM-rABEu4ZG534nj0FxCCT8t58Yar3Fvhy04C0cztfJQChUXxaOwP4sApznygMDDT%2BcyqBjqwAa9BZmK1pkaBzL-r2LbBy54oXe0cEZzHQd5TVzXtYweCPas0%2Bg2hu%2BIV9iuj8RyRXlGR9FVb%2BZJYb504x37JKywJIWXIcP0h-77WlvmOjI9FUrYPN5qQ%2BRiGBZ1D15oQOMY9NpVipvMXfIFAgdV7h1tfg%2FIvAIK8qekI1dKEzUNyTFcnV5l9nO-QHcRBQj%2FqCI%2FIHvw9bxyrexIcwxHdHVXOYbXKnwu51PlPQFkcJ5XsHM1&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20231114T100747Z&X-Amz-SignedHeaders=host&X-Amz-Expires=300&X-Amz-Creden-tial=ASIAQ3PHCVTY4QQ5JPTZ%2F20231114%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=ec91b-69b0f0188e229071698a768c54703968c9414766c55925638e2be7e422a&hash=ca5834317aaadb7599a2e83997d-208f32812a1729b312fd701712b203069bb5a&host=68042c943591013ac2b2430a89b270f6af2c76d8dfd086a07176afe7c76c2c61&pii=S0959378022000085&tid=spdf-57eb350b-bd0d-45a9-b610-e3514c33be15&sid=880dd8f39100584c-5c78bc8738a0e1c1ffe5gxrqb&type=client&tsoh=d3d3LnNjaWVuY2VkaXJlY3QuY29t&ua=010d585d5401545452&r-r=825e73122e8348c9&cc=gb19.OliverWymanForum,EvolutionofAirports–TravelTrendsInTheNext30Years,2023,https://www.oliverwymanforum.com/mobility/2023/jun/airport-evolution-travel-trends-by-2050.html.html.20.Sources:-OliverWyman’sproprietarycalculationsarethatthe“mostlikelySAFscenario—evenwiththehighertaxcredit[fromPresidentBiden’sInflationReductionAct]—projectsasupplyof3.1billiongallons,equivalenttoabout2.9%ofglobalconsumption.Toholdemissionsat2019levelswouldrequireasupplyof16billiongallons,orabout15%oftotalconsumption.”Source:OliverWyman,WhyTheInflationReductionAct’sSAFTaxCreditWon’tBeEnoughToStopAirlineEmissions’Rise,18August2022,Forbes,https://www.forbes.com/sites/oliverwyman/2022/08/18/why-the-inflation-reduction-acts-saf-tax-credit-wont-be-enough-to-stop-airline-emissions-rise/?sh=6afc1455799f.-MissionPossiblePartnership(MPP)statesthat:“Until2030,achievingcarbon-neutralgrowthbasedon2019levels—andtherebycomplyingwithICAO’sCORSIAgoal—iscritical(Exhibit2.2).ThisalonewillrequiretheindustrytobringnewSAFproductionpathwaystomarketandscalethemuprapidly.Thenet-zeroscenariosmanagetostaybelow2019emissionlevelsatalltimes,andtheshareofSAFsontotaljetfuelconsumptionby2030amountsto13%forthePrudentscenarioand15%fortheOptimisticRenewableElectricityscenario.”Source:MPP,MakingNet-ZeroAviationPossible:Anindustry-backed,1.5°C-alignedtransitionstrategy,2022,p.45,https://missionpossi-blepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.21.TherearemultiplecredibleapproachestocalculatingGHGemissions,buttheGHGProtocolCorporateAccountingStandardisonecommonlyusedmethodthatispreferredbySBTiandACA.22.Atthetimeofpublication,theACIisdevelopingaLevel5totheAirportCarbonAccreditationprogrammetorecognizeairportsthathavedevelopedafullcarbonfootprintforScope1,2and3aspertherequirementsoftheGHGProtocolScope3Guidance:achievedandmaintainalargerorequalto90%reductionofScope1and2CO2emissionscomparedtoa2010baseline;purchasedqualityoffsetremovalsforremaining10%ofemissions;committedtonetzeroinScope3by2050alignedtoISOand/orsectornetzeroframeworksorcommitments,formulatedapolicycommitmentonmaintainingnetzero;anddevelopedacarbonmanagementplanandastakeholderpartnershipplantoachievethetargets.23.Somegeographieshavelegalrestrictionsondifferentiallandingcharges.24.Contractsfordifference(CfD)areafinancialagreementbetweenafuelproducer(i.e.seller)andgovernmentagency(i.e.buyer)thatestablishafixedvalueforthepriceoffuelsoldoverasetcontractperiod(e.g.10years).Source:TheInternationalCouncilonCleanTransportation,LeveragingEUPoliciesandClimateAmbitiontoClosetheCostGapBetweenConventionalandSustainableAviationFuels,20April2022,https://theicct.org/publication/eu-fuels-aviation-cost-gap-safs-apr22/.25.DepartmentofTransport,UKGovernment,Governmentsetsoutpathtozeroemissionvehiclesby2035,28September2023,https://www.gov.uk/government/news/government-sets-out-path-to-zero-emission-vehicles-by-2035.26.TherehasbeenmomentumtomoveawayfromLIBOR-basedpricingschemeswithinthesector,butmanyhistoricaltransactionswerebasedontheLIBORindex,whichinformedthisanalysis.27.Onebasispointisequivalentto0.01%or0.0001indecimalform.28.OliverWymananalysis,2023;Refinitivindustrydata.29.LEEDmeansLeadershipinEnergyandEnvironmentalDesign.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit3830.OliverWymananalysis,2023.31.TheInternationalCapitalMarketAssociation’sbondandloanprinciplesareasetofinternationallyrecognizedguidelinesthatincludehowtodescribeintendeduseofproceeds,projectevaluationandselectionandgovernancetomanageproceeds.32.OrganisationforEconomicCo-operationandDevelopment(OECD),Green,SocialAndSustainabilityBondsInDevelopingCountries:TheCaseForIncreasedDonorCo-Ordination,June2023,https://www.oecd.org/dac/green-social-sustainability-bonds-developing-countries-donor-co-ordination.pdf.33.GlobalGreenGrowthInstitute(GGGI),GreenBondsMakeMoreCents?,June2021,https://gggi.org/report/green-bonds-make-more-cents/.34.OliverWymananalysis,2023;Refinitivindustrydata.35.Barbarà,L.andDesharnais,J.,AirportsofTomorrow:frompassengerhubstoenergyhubs,WorldEconomicForum,16March2023,https://www.weforum.org/agenda/2023/03/airports-from-passenger-hubs-to-energy-hubs/.FinancingTheAirportsOfTomorrow:AGreenTransitionToolkit39TheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.WorldEconomicForum91–93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744contact@weforum.orgwww.weforum.org

1、当您付费下载文档后，您只拥有了使用权限，并不意味着购买了版权，文档只能用于自身使用，不得用于其他商业用途（如 [转卖]进行直接盈利或[编辑后售卖]进行间接盈利）。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。
3、如文档内容存在违规，或者侵犯商业秘密、侵犯著作权等，请点击“违规举报”。

碎片内容

碳中和的最新文档