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1、Financing The Airports Of Tomorrow:A Green Transition ToolkitW H I T E P A P E RN O V E M B E R 2 0 2 3In collaboration with Oliver WymanContentsImages:Getty Images 2023 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,
2、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 collabo
3、rative 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.ForewordExecutive Summary1 The airport ecosystem and drivers of decarbonization1.1 O
4、nsite and offsite ecosystem1.2 Drivers of airport decarbonization strategy1.3 Airport driver matrix2 The airport decarbonization roadmap2.1 Decarbonization roadmap overview2.2 Near term:Create a credible,science-based strategy 2.3 Mid-term:Reduce Scope 1 and 2 emissions2.4 Long-term:tackle the chall
5、enge of Scope 3 emissions3 Airport financing toolkit 3.1 Airport driver matrix determines access to financing3.2 Airport decarbonization financing options and case studies4 Looking Ahead4.1 Airports as an energy hub 4.2 Hydrogen infrastructure4.3 Hybrid financing4.4“Do nothing”is not an optionConclu
6、sionContributorsEndnotes34569023242533637Financing The Airports Of Tomorrow:A Green Transition Toolkit2Financing The Airports Of Tomorrow:A Green Transition ToolkitNovember 2023ForewordThe World Economic Forum and Airports Council International(ACI)World are co-leading the Airp
7、orts of Tomorrow initiative,which seeks to address the energy,infrastructure and financing needs of the aviation industrys 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 su
8、stainability 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
9、 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
10、 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 infrastructur
11、e 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 airports sustainability strategy are essential to the business,the focus of this report is on decarbonization and how the transition to net-zero greenh
12、ouse 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 Barbar Head,Climate Strategy,World Economic ForumRana Nawas Partner,Transportation and Services P
13、ractice,Oliver WymanFinancing The Airports Of Tomorrow:A Green Transition Toolkit3Executive summaryThe world is facing a climate crisis and industries and countries are being asked to cut greenhouse gas(GHG)emissions to net zero by 2050.Aviation contributes about 2%of total world emissions,primarily
14、 from the burning of fossil fuel by airlines.1 The International Civil Aviation Organization(ICAO)and its member states have agreed to a long-term aspirational goal(LTAG)for the industry to reach net zero by 2050.2 This decarbonization undertaking will require the sector to spend an estimated$5 tril
15、lion,with airports responsible for a small percentage of that investment as well as a fraction of the industrys total emissions.3Airports are a highly interconnected network of onsite and offsite stakeholders who rely on each other to serve the end customer.The majority of an airports GHG emissions
16、are not directly caused by the airports own operations but are instead the product of the activities of other ecosystem participants,notably aircraft operators.4Still,airports will play a key role in the sectors decarbonization efforts through the provision of low-carbon fuels and are already beginn
17、ing to adopt decarbonization strategies to reduce their own carbon footprints,starting with the emissions directly under their control.This toolkit is designed to support those efforts by providing airport executives around the world with potential ways to finance their decarbonization strategies.Ai
18、rports traditionally draw financing from a variety of sources outside of their profits and capital reserves.For example,state-owned airports receive state funding,while most airports of sufficient size also look to private equity,banks and bond issues for additional financial support.When looking to
19、 fund decarbonization projects,airports can also consider alternative sources,such as sustainability-linked bonds or loans and green bonds or loans.The toolkit summarizes all known financing options that support decarbonization projects and includes case studies for how each financing tool has been
20、used.In addition to the financing toolkit,this report discusses the role an airport may assume as an influencer on decarbonization,potentially able to persuade other ecosystem members to move more quickly to reduce GHG emissions.It also examines the long-term nature of the decarbonization strategies
21、 that airports will need to develop.Airports are essential elements of modern society,creating economic opportunity,serving local communities and connecting people.While the challenge they face to decarbonize is substantial,it is far from impossible.By working with other ecosystem members,accessing
22、support from financial institutions,investors and governments,and prioritizing decarbonization projects in their strategic vision,airports can chart a path to net zero.Financing The Airports Of Tomorrow:A Green Transition Toolkit4The airport ecosystem and drivers of decarbonization1Principal driving
23、 forces behind airport decarbonization are government policy and airport size,though airport ownership and public opinion also play important roles.Financing The Airports Of Tomorrow:A Green Transition Toolkit5The airport ecosystem is a highly interconnected network of onsite and offsite stakeholder
24、s(see Figure 1).While they rely on each other to serve the end customer,they maintain very different emissions profiles.The onsite airport ecosystem includes the airport and its retailers and concessionaires,the airlines,fuel providers and ground-handling service providers.All contribute to safe,eff
25、icient and effective airport operations and are united in a common goal to serve the airports customers.Each onsite ecosystem participant also represents a carbon footprint that must be addressed in any airport plan to decarbonize.The offsite airport ecosystem includes the governments and policy-mak
26、ers that regulate and help fund airport operations.In almost all cases,they are the driving forces behind decarbonization efforts.Other major offsite participants are the financial institutions and investors that provide funding for airport initiatives as well as institutional investors in airport o
27、perations.Finally,local economies play a vital role in this offsite ecosystem by influencing government policy and providing the market that supports airport operations.Onsite and offsite ecosystem1.1Airport ecosystemFIGURE 1Offsite ecosystemOnsite ecosystemCentre ground handlersFinancial institutio
28、nsPublicGovernmentOEMsEnergy providersAIRPORTSAirlinesAir navigation serviceParking facilities Security servicesFuel providers Onsite airport ecosystem:Air navigation service providers(ANSPs)AirlinesAirport employees(such as security services,parking facilities and maintenance)Airports Fuel provider
29、sGround-handling service providersOffsite airport ecosystem:Energy providers,including fuel sellers and utilitiesFinancial institutions and investorsGovernments and policy-makersLocal economiesOriginal equipment manufacturers(OEMs),such as engine and aircraft manufacturers Financing The Airports Of
30、Tomorrow:A Green Transition Toolkit6Aviation as a global industry has committed to reaching net-zero emissions by 2050,in alignment with the 2015 Paris Agreement on climate.To meet this commitment,it is estimated that the industry will need to spend upwards of$5 trillion in capital investments focus
31、ed on developing new propulsion technologies such as hydrogen and battery-powered aircraft and building commercial-scale production capacity for alternative fuels such as SAF(see Figure 2).This translates to an additional$175 billion in capital expenditures per year from now until 2050 on top of bus
32、iness-as-usual spending.Of this total investment,a relatively small amount is apportioned to infrastructure spending on airports,aside from eventually deploying hydrogen-based propulsion infrastructure.5$175 billion additional annual capital expenditure needed for aviation industry to reach net zero
33、 by 2050.Global aviation capital investment for net zero($trillion,2022-2050)FIGURE 2Renewable electricity(PPAs from mix of offshore and onshore wind,solar PV and hydropower)Fuel productionOther*Total0123456$trillion5.112%36%52%0.61.82.6Additional costs from alternative propulsion aircraftHydrogen f
34、or hydrogen aircraftPower-to-liquidsOther biofuelsHEFAThe global aviation industry requires significant capital to reach net-zero emissions,but the focus of the spend is on clean energy for aircraft$5 trillionCapex funding required by 2050 across aviation to reach net zero,focused on power generatio
35、n off-airport$175 billionAverage annual investment required across aviation,of which an immaterial amount is airport H2 infrastructure by 2050 Which translates to an annual figure of*Other=hydrogen production($0.2 trn)+CO2 point source capture($0.2 trn)+additional costs of hydrogen and battery-elect
36、ric aircraft($0.2 trn)+airport hydrogen infrastructure($0.01 trn)Source:Mission Possible Partnership(MPP),Making Net-zero Aviation Possible,July 2022.Financing The Airports Of Tomorrow:A Green Transition Toolkit7However,aviations decarbonization investment does not represent the full picture of capi
37、tal expenditure for airports,as it does not account for the significant investment required to support new projects,infrastructure needs and ongoing maintenance.ACI North America estimates that in the US alone,at least$150 billion in funding for airport infrastructure projects will be needed between
38、 2023 and 2027.6 Fitch Solutions estimates that over$160 billion worth of low-and medium-risk airport infrastructure projects were begun globally in the last five years.7 The extent to which airport spend is centred around decarbonization is dictated by multiple factors that are examined below,but a
39、ll airport capital projects should be reviewed to ensure compliance with decarbonization policies and strategies moving forward.Like other business and governmental operations,the emissions profile of an airport is segmented into Scope 1,Scope 2 and Scope 3 emissions(see Figure 3).Scope 1 emissions
40、are those from airport-controlled sources,such as airport-owned power plants and conventional airport-owned vehicles.Scope 2 emissions relate to production of energy consumed by the airport,such as the carbon emissions from the electricity purchased from utilities.Scope 3 emissions are caused not by
41、 the airport but by other ecosystem participants,such as airlines and their operations related to flights to and from the airport.These emissions,which are out of the control of the airport,make up some 97%of an airports emissions profile.Thus,airlines play a significant role in dictating the timeta
42、ble and ambition of decarbonization efforts at airports.As the largest contributors to overall airport GHG emissions,airlines must be involved in airport decarbonization strategies.8 For instance,airports will not be able to significantly reduce their Scope 3 emissions without the widespread adoptio
43、n of SAF by airlines and the eventual commercial development of propulsion technology not dependent on fossil fuels.In both these cases,airports will not be able to dictate the speed of adoption.All airport capital projects should be reviewed to ensure compliance with decarbonization policies and st
44、rategies.Airports Scope 1,2 and 3 emissionsFIGURE 3%of airport emissions profile%of airport emissions profileDirect emissions from owned or controlled resourcesIncludes emissions from owned or operated facilities including stores,warehouses and distribution centres,plus emissions from company vehicl
45、esScope 1Purchased energy consumed by the companyIncludes emissions from electricity used in stores,distribution centres and other facilitiesScope 2Upstream and downstream emissionsCovers emissions of suppliers and consumersScope 33%97%+Source:Oliver WymanFinancing The Airports Of Tomorrow:A Green T
46、ransition Toolkit8Six factors were examined to identify the biggest drivers of airport decarbonization strategy implementation and financing(see Figure 4):Drivers of airport decarbonization strategy1.2Six drivers of an airports decarbonization strategy,implementation and financingFIGURE 4Government
47、policy,maturity of decarbonization focus and availability of decarbonization fundingAirport ownership,maturity of decarbonization focus,location of airport owner and implications for sources of fundingAirport size and access to financial institutions,based on credit-worthiness and strength of relati
48、onshipsFinancial institutions and investors and degree of focus on decarbonizationPublic opinion and degree of focus on decarbonizationAirport archetype and considerations for future strategic differentiation,based on key identifying featuresFactor 3Airport sizeFactor 4Financial institutions and inv
49、estorsFactor 1Government policyFactor 2Airport ownershipFactor 5Public opinionFactor 6Airport archetypeFinancing The Airports Of Tomorrow:A Green Transition Toolkit9Government policyGovernment policy is a huge force behind most funding and decarbonization efforts.In geographies where policies incent
50、ivize or require decarbonization,airports are more likely to have more ambitious environmental strategies regardless of whether they are publicly or privately owned.In addition,in such localities,financial institutions tend to be more focused on supporting decarbonization-orientated projects.In geog
51、raphies with little or no decarbonization-focused policy,the size of the airport and priorities of the airport owner will play a larger role in the progress achieved on decarbonization strategies.The three geographies with the most favourable policy environments towards decarbonization projects are
52、the US,the European Union(EU)and the United Kingdom.In the US,two recent policies are expected to play a pivotal role in decarbonization:the 2022 Inflation Reduction Act(IRA)and the 2021 Infrastructure Investment and Jobs Act(IIJA).The IRA directs federal spending towards reducing carbon emissions t
53、hrough research and development(R&D)grants in carbon-reduction and low-carbon technologies,and tax credits for low-emission fuels,including SAF and loan guarantees.In total,the IRA has allocated nearly$400 billion towards clean energy.9 The IIJA represents the largest investment in US infrastructure
54、 in decades.Out of the roughly$100 billion in the legislation,$25 billion was set aside specifically for airports and aviation infrastructure.10 The influx of funding from both these new laws has catalysed low-carbon technology investment and R&D and generated a raft of new projects in the US.This a
55、pproach contrasts with those used more often by the EU and United Kingdom,which are typically less focused on opt-in incentives and tend towards mandates that set specific targets and deadlines for companies.Further encouraging decarbonization,the US governments Environmental Protection Agency(EPA)h
56、as instituted requirements that may use GHG emission reductions as a criterion to secure approvals for future projects.Decarbonization may also become a factor in future Federal Aviation Administration grant-making decisions,but there are no definite plans currently to make this change.In Europe,one
57、 important decarbonization-related policy is the EU taxonomy,which is considered a cornerstone of the regions sustainable finance framework.It is a market transparency tool that provides common definitions and standards for industrial and financial activities aligned with the EUs net-zero goal.This
58、common playbook can drive or limit access to funding for sustainable activities included within the taxonomy.Currently,the EU taxonomy covers airport terminal buildings and all non-aeronautical activities within them,such as construction,modernization,operation of infrastructure required for zero-ta
59、ilpipe CO2 operations,electrified ground power units and preconditioned air to stationary aircraft on airport premises.11The EU taxonomy may also be used as a tool to judge the sustainability-alignment of capital expenditures(capex).Specifically,if an airports strategic capex spending is aligned wit
60、h the EU taxonomy,then financial institutions and investors are able to provide funding without fear of greenwashing.A non-aviation industry example of this is Enel,an Italian utility,which issued a sustainability-linked bond aligned to the EU taxonomy as well as the Sustainable Development Goals(SD
61、Gs)of the United Nations(UN).It included a commitment that at least 80%of capex spending would be aligned to three key performance indicators(KPIs):the EU taxonomy,Scope 1 and 3 emission intensity targets and absolute Scope 3 GHG reductions.12 European banks have cited this issuance as a benchmark t
62、hat may be used to assess an airports commitment to decarbonization.The United Kingdoms taxonomy(an offshoot of the EU taxonomy)has not yet been finalized,but is likely to include potentially stricter aviation-specific screening criteria.This could make access to finance more difficult in the United
63、 Kingdom compared with the EU.Airport ownershipBeyond policy,airport ownership is a factor to consider for decarbonization strategy and funding sources.Airports that are government-owned or largely government-funded will have decarbonization strategies in line with the ambition of government policy(
64、see Figure 5).Airports in the Middle East are generally government-owned,so the degree of decarbonization focus is dependent on government policy and would be restricted or enabled based on funding available.For example,Dubai Airports is entirely government-owned and government-funded.In line with t
65、he UAEs drive towards decarbonization,Dubai Airports recently built the Middle Easts largest airport solar power plant and is also retrofitting its lighting to use light-emitting diodes(LEDs)throughout its facilities.While it has traditionally relied on public finance,Dubai Airports chose instead to
66、 use a form of PPP financing through a partnership with energy service company(ESCO)Etihad to install the solar energy system.Government policy is a huge force behind most funding and decarbonization efforts.Dubai Airports recently funded the Middle Easts largest airport solar power plant and is ret
67、rofitting its lighting to use LEDs.Financing The Airports Of Tomorrow:A Green Transition Toolkit10US airports are generally owned by a local,municipal or state jurisdiction and receive public funding,although large airports in the US also have access to private funding to supplement public finance w
68、hen it comes to large projects.This would give them an advantage with major decarbonization projects,such as large-scale installation of solar panels.That said,there are currently no decarbonization mandates for airports or green use-case requirements for federal funding in the US.Because of this,sm
69、aller US airports that rely entirely on federal funding for their projects may have a harder time decarbonizing.Airport ownership and carbon accreditationFIGURE 5MEXBogota and Lima airports have European operators,which may contribute to their ACA ratingsThe operator of Antalya Airport is Fraport,a
70、Europe-based company that also owns and operates Frankfurt International Airport,Delhi Airport and Lima AirportYYZORDDENLAXATLDFWCUNNorth AmericaACA Accreditation ratingsAirport ownershipBOGLIMBSBGRUSouth AmericaMappingReductionOptimizationNeutralityTransformationTransitionState ownershipPrivate own
71、ershipAMSLHRFRACDGFCOMADEuropeCAIADDLOSJNBCPTAfricaSAWISTAYTDOHDXBMiddle EastHNDDEL*BOM*SINCGKSYDMBWAsia/AustraliaLAXMEXBOGLOSCPTJNBADDCAIMADDOHBOMDELSINCGKHNDDXBAMSDFWATLDENORDYYZCUNBSBGRUFCOLHRSYDMBWCDGFRAAYTLIMSAWIST*Delhi and Mumbai airports are joint ventures with the Indian government and priv
72、ately owned operating companies that hold majority stakes in the airportsNote:not exhaustive,and was chosen based on number of passengers per year Source:Oliver Wyman,ACIs Airport Carbon Accreditation(ACA)programme.Financing The Airports Of Tomorrow:A Green Transition Toolkit11Privately owned airpor
73、ts can determine their own decarbonization strategies and this can enable some airports to move ahead of regional competitors.This is especially likely when the private airport owner is located in a more mature decarbonization market than the airport itself.For example,Frankfurt Airport Services Wor
74、ldwide,commonly known as Fraport,has an ownership stake in Antalya Airport in Turkey,Indira Gandhi International Airport in Delhi and Jorge Chavez International Airport in Lima.The Germany-based Fraport is working to ensure that each airport qualifies for ACIs voluntary Airport Carbon Accreditation(
75、ACA)despite the fact that these airports are located in countries with less stringent decarbonization regulation.13Airport sizeThe size of an airport will also significantly affect its ability to access finance.Large airports with strong balance sheets often represent lower-risk investments for fina
76、ncial institutions than smaller airports and will also have wider networks to access these funds.This statement has two caveats.First,there are cases where small airports with less intensive capital needs and strong balance sheets have more flexibility to pursue decarbonization projects.But these ar
77、e the exception,not the norm.Second,smaller airports with larger airport owners or operators may be able to leverage their parents relationships,risk diffusion and balance sheets to attract more sources of funding.Public opinion and attitudes of financial institutionsLocal public opinion is another
78、key driver of airports environmental strategies.If decarbonization and environmental concerns are important to the public,then policy-makers are more likely to prioritize decarbonization.Similarly,financial institutions may be more focused on decarbonization if there is pressure from their local inv
79、estor communities.Public opinion can also have a direct impact on airports themselves,as they recognize the potential branding and PR advantages that ambitious decarbonization goals might afford them if they reflect the sustainability aspirations of their neighbour communities.In markets with the mo
80、st advanced decarbonization policies,like the US and EU,public polls show that a majority of citizens favour investing in alternative energy sources to protect the environment.Some recent polls include the following:2023 Eurobarometer survey on climate change:77%of Europeans said they thought that c
81、limate change is a“very serious problem at this moment.”14 2023 Euromonitor International report:80%of travellers were willing to pay at least 10%more for sustainable travel,while 40%were willing to pay more than 30%extra for sustainable eco-tourism.15 2022 study by the Pew Research Center in the US
82、:69%of Americans believed the nation should prioritize developing alternative energy sources and favoured the US taking steps to become carbon neutral by 2050.16 2021 Eurobarometer survey of European attitudes towards travel and tourism:82%of respondents said they were prepared to change at least so
83、me of their travel and tourism habits to be more sustainable and over one-third(35%)said they were willing to pay more for tourism to protect the environment.17 However,findings from a 2022 observational field study of actual bookings made with a European airline call into question such self-reporte
84、d,hypothetical assessments in surveys.Out of over 63,000 bookings,the median willingness-to-pay voluntarily to offset a tonne of carbon dioxide was zero,with the mean around the equivalent of one euro.18 So while passengers tell surveys they prefer lower-carbon travel methods,they may prioritize low
85、-cost travel over the environment.More research is underway,but the dichotomy could suggest that consumers,like companies,may only be counted on to respond to mandates.The self-reinforcing influence of public opinion,government policy and the priorities of financial institutions dictate the local ap
86、proach of airports and the degree of importance that decarbonization takes in their strategies.Out of over 63,000 bookings,the median willingness-to-pay voluntarily to offset a tonne of carbon dioxide was zero,with the mean around the equivalent of one euro.Global Environmental Change,field study,20
87、22Financing The Airports Of Tomorrow:A Green Transition Toolkit12Airport archetypeAnother factor analysed as a potential driver of airport decarbonization is the airports archetype.A previous report by Oliver Wyman and ACI World identified the following four major airport archetypes:19 City airport:
88、Serves major urban centres as a gateway for business,leisure and family travel;may be viewed as an intermodal point to other means of transportation;often land-constrained.Key priorities are:noise and other forms of pollution.Global hub connector:Serves both transit passengers and travellers within
89、a wide local catchment area of the airport.Key priorities are:intermodal transportation to large population centres,high-quality customer experience and operational efficiency.Cargo champion:Dual service priorities for cargo handling and passenger transport.Technological innovation and data-sharing
90、are crucial for cargo champions to meet fast delivery expectations from e-commerce.They strive to support their cargo clients.Leisure gateway:Serves common vacation destinations and is often integrated into the destination it serves as part of the holiday experience.Passenger demand may fluctuate wi
91、th holiday and travel seasons,creating irregularity in revenue for leisure gateways.They anticipate further integration with destination cities and seek to leverage authenticity and local culture to welcome visitors.The airport archetype is currently not a primary driver of airport decarbonization s
92、trategies,but this could change in the future.Financing The Airports Of Tomorrow:A Green Transition Toolkit13The airport driver matrix has been developed through in-depth discussions with more than 30-plus airports and financial institutions working within the industry(see Figure 6).It is the synthe
93、sis of the two most important drivers for airports when it comes to developing,adopting and implementing decarbonization strategies government policy and airport size.Government policy was found to have the biggest impact on an airports decarbonization strategy and its resulting access to finance.Th
94、e second biggest driver was found to be the airports size.Defined by the number of passengers it serves,an airports size directly impacts its revenue,risk profile as a borrower and access to financial institutions and investors.It is important to note that some small airports may enjoy the same acce
95、ss to finance of larger airports,especially if they are owned or operated by larger global groupsAirport driver matrix1.3Airport driver matrix government policy and airport sizeFIGURE 6Governing policy1MatureNascentAirport size2LargeSmallSchiphol(AMS)52 MHeathrow(LHR)61 MDelhi(DEL)59 MDallas(DFW)73
96、MGeorge,ZA(GRJ)1 MAbidjan(ABJ)2 MFiumicino(FCO)29 MGrupo Aeroportuario Centro Norte(OMA)23 MLaGuardia(LGA)30 MIstanbul(IST)64 MCairo(CAI)20 MSharm El Sheikh(SSH)8 MDubai(DXB)66 MAtlanta(ATL)93 MAntalya(AYT)31 MKunming Changshui(KMG)32 MMarseille(MRS)10 MBogota(BOG)36 MFeatured case studiesToolkit ch
97、ampionsAdditional examplesM=Millions of passengers per airport(2022)Notes:1This is a blend of the local government policies in both the airport geography and the airport owners geography.The more mature jurisdiction will be the driver.2Airport size generally refers to the number of passengers served
98、 but may also refer to the size of an airports operator,given the capacity of larger operators to reduce risks,gain greater access to funding and build relationships with financial institutions and investors.Financing The Airports Of Tomorrow:A Green Transition Toolkit14The airport decarbonization r
99、oadmap2This chapter charts a decarbonization journey that starts with a science-based strategy,followed by actions that airports can take to tackle Scope 1,2 and 3 emissions.Financing The Airports Of Tomorrow:A Green Transition Toolkit15Decarbonization roadmap overview2.1While the path to net zero w
100、ill require all elements of the aviation ecosystem working to decarbonize,this report focuses on the actions that airports can take.Today,the largest airports in the worlds most climate-ambitious geographies are charting out a roadmap to environmental sustainability.But sooner or later,smaller airpo
101、rts in places without much regulation or support for decarbonization are going to have to follow the same path.This journey is only just beginning.Today it seems long,complex and expensive but,over time,it is likely to become more efficient and less taxing.This report aims to offer some guidance on
102、the concrete steps that airports can take now,to reach near-term,mid-term and long-term goals.Near-term actions focus on establishing a decarbonization strategy based on each airports current carbon footprint,creating a science-based transition plan and identifying key targets along that path.Mid-te
103、rm actions build on the foundations laid down in the near-term and include carbon reduction,addressing first the Scope 1 and 2 emissions that are directly under an airports control.On Scope 3 emissions,the role of airports in the near-to mid-term phase will be more of an influencer and facilitator o
104、f decarbonization solutions.In this phase,for example,the top priority should be to support the construction of more SAF production capacity and encourage the adoption of SAF usage.Currently,SAF production capacity is substantially below what it must be to increase usage to 15%of the fuel mix by 203
105、0.20 That jump in capacity and consumption would help airlines to begin reducing emissions.By 2025,the EU will require aircraft taking off from European airports to use at least 2%SAF in their fuel mix.That percentage will rise steadily,reaching 70%in 2050.The EU is also requiring aircraft to carry
106、only the fuel they need to get to their destinations,to avoid emissions related to extra weight and carbon leakage.SAF will be a major decarbonization lever right through 2050 and beyond.Over the longer-term,airports will be in a race with technology to reduce Scope 3 emissions.Low-carbon propulsion
107、 technologies like hydrogen and electric-powered flight are a decade or two from commercial scale and three decades away from large-scale use in commercial airliners.However,it is important to remember that capital markets namely commercial banks,institutional investors and private equity are beginn
108、ing to expect airports to include Scope 3 emissions from aircraft in long-term decarbonization strategies and to plan on addressing them as part of their GHG emissions profiles.This chapter details the key actions in each phase of the airport decarbonization roadmap,supported by illustrative case st
109、udies.These actions are summarized in Figure 7 and below:Near-term:Create a credible,science-based strategy Mid-term:Reduce Scope 1 and 2 emissions Long-term:Tackle Scope 3 emissions Currently,SAF production capacity is substantially below what it must be to increase usage to 15%of the fuel mix by 2
110、030.Financing The Airports Of Tomorrow:A Green Transition Toolkit16Airport decarbonization roadmapFIGURE 7Support net-zero transition planBuild increasing awareness and concern for climate considerationsEcosystemstakeholdersOnsiteOffsiteMake net-zero pledgePublish sustainable finance frameworkDefine
111、 net-zero transition planEstablish baseline emissionsExecute emissions reduction projects:vehicle electrification,employee transportation emissions reductionsAchieve operational excellenceInvest in infrastructure for alternative propulsion(H2,electric)Execute Scope 3 emissions reduction projects:LTO
112、 and taxi emissions reductions,SAF infrastructureExecute Scope 3 emissions reduction projects:tenant,passenger and employee vehicles,and waste disposal emissionsExecute Scope 1 and 2 emissions reduction projectsPublic sentiment/passengersGovernments/policy-makersFinancial institutionsGround handlers
113、AirlinesAirportNear-term actionsMid-term actions Long-term actionsSeek ACA accreditation and work to improve levelDefine net-zero transition planMake net-zero pledgeExecute emissions reduction projects:increased SAF utilization,invest in more efficient aircraftExecute emissions reduction projects:R&
114、D into alternative propulsion technologyIncrease operational efficiencies(e.g.better routing)Make transition finance commitmentOffer conventional debt financing(e.g.term A loans,bond issuance)/refinancingPublish sustainable finance frameworkOffer and commit to increase the supply of green/sustainabi
115、lity linked bond investmentsDefine net-zero transition planRequire customers to set and implement science-based transition plansEstablish green mandatesOffer capex grantsSet carbon tax/carbon pricingEstablish capital/tax incentives for carbon reduction projectsOffer loan guaranteesEstablish climate-
116、supporting policy developmentFinancing The Airports Of Tomorrow:A Green Transition Toolkit17In climate-ambitious markets,it is now essential for airports to measure their baseline emissions profile and set a decarbonization strategy with challenging but realistic targets and associated KPIs.The stra
117、tegies and targets that airports set will vary based on their size,baseline emissions profile and government policy,but they should seek to align as closely as possible to the goal of the International Civil Aviation Organization(ICAO)to reach net zero by 2050.Airport strategies and KPIs should also
118、 reflect the 2015 Paris Agreement as well as aligning with science-based climate transition scenarios,such as the Science-Based Targets initiative(SBTi).The SBTi provides guidance on Scope 3 reductions required from conventional aircraft according to the GHG Protocol Corporate Accounting Standard or
119、 the International Energy Agencys net-zero emissions scenario(NZE).21 These scenarios should be leveraged as helpful inputs to any decarbonization strategy.Additionally,airports are recommended to participate in the ACA programme,which is the only global standard for airport carbon management.Achiev
120、ing level 4 and above of this accreditation scheme demonstrates that the airports carbon management strategy is aligned with global decarbonization goals aimed at absolute emissions reductions and may be used as a KPI in the airports decarbonization strategy.22Airports should include elements in the
121、ir environmental strategies to meet the priorities of local communities.For example,airports in arid locations may need to address water conservation,while city airports may need to ensure new projects do not increase their noise profile.Long-term strategies should consider scenarios and assessments
122、 of possible decarbonization technologies not yet developed,including hydrogen-powered aircraft,so that airports can prepare better for future operations.Airports should also engage with relevant stakeholders at appropriate steps in the planning process and incorporate infrastructure investments int
123、o strategic funding plans.Airports have more control over their Scope 1 and 2 emissions and they have begun to mitigate them through a variety of projects and changes in business practice,financed through their usual banks and sources of project finance.Examples of Scope 1 projects include the trans
124、ition of airport-owned or controlled resources to renewable or zero-emission energy sources,such as the electrification of an airports vehicle fleet,onsite renewable power generation infrastructure and the electrification of airport-owned ground support equipment(GSE).Scope 2 emissions reduction pro
125、jects target indirect emissions from the consumption of purchased energy by the airport and can be addressed through an airports electricity purchases and heating and cooling mechanisms.Examples of Scope 2 emissions reduction projects include switching to solar power generation,implementing energy e
126、fficiency mechanisms(e.g.more efficient baggage claim carousels),funding sustainable or high-efficiency construction projects and working towards sustainable heating and cooling for airport buildings.While Scope 1 and 2 emissions reduction projects do pose challenges,especially for smaller airports
127、with more funding constraints,many airports,both large and small across mature and nascent governing policy regions,are beginning to address Scope 1 and 2 emissions.Such projects are generally straightforward to execute and do not usually account for more than 10-15%of an airports capital investment
128、 plans over a 10-year timeframe.The financing and strategy required to address Scope 1 and 2 emissions do not compare to the scale of the challenge presented by Scope 3,which is the primary focus of the solutions and suggestions in this report.Near term:Create a credible,science-based strategy Mid-t
129、erm:Reduce Scope 1 and 2 emissions2.22.3Financing The Airports Of Tomorrow:A Green Transition Toolkit18Rome-Fiumicino International Airport(FCO)is a privately owned city airport that can serve over 40 million passengers annually.It is owned and operated by Aeroporti di Roma(ADR),which has been a pio
130、neer in sustainable financial instruments.ACI Europe gave Rome-Fiumicino its Best Airport Award in 2022 and 2023.Two years ago,Aeroporti di Roma became the first worldwide airport owner to publish a sustainability-linked financing framework,in alignment with the International Capital Market Associat
131、ions sustainability-linked bond principles.These are voluntary guidelines that allow borrowers and lenders to easily align on terms and targets for sustainability-linked financing,as well as to advertise the borrowers decarbonization project plans.In May 2021,ADR issued the first ever sustainability
132、-linked bond(SLB)for an airport,which included Scope 1 and 2 targets through a KPI-linked financing format.A second bond was issued in July 2023 with near-term Scope 3 targets validated by the SBTi.ADR also issued a green bond and a first-of-its-kind revolving credit line in 2020.Aeroporti di Romas
133、financing framework details its emissions reduction plans,including Scope 1 and 2 reductions through:two large multi-megawatt photovoltaic plants for clean energy production investments in electric charging stations for airport-owned vehicles use of biomethane and investment in low-carbon transport
134、infrastructure commitment to remain at ACA level 4+certificationADRs Scope 3 target centres on passengers accessibility to and from Rome-Fiumicino,which received a score of“strong”in an official third-party opinion.ADR promotes the following to tackle Scope 3 emissions:rail access to the airport in
135、partnership with the national rail operator intermodality initiatives,such as tying train to plane investing in clean mobility by installing 500 landside and airside electric vehicle-charging stations by 2025 substituting its light duty vehicle fleet with electric vehicles providing incentives to de
136、carbonize heavy duty vehicles and emergency generators by using 100%hydrotreated vegetable oil(HVO)supplied by Eni construction of a cycle lane for employees and the airport communityADR has also committed to providing SAF to airlines to help tackle Scope 3 emissions,through an offtake agreement for
137、 SAF produced at Enis Taranto refinery.This agreement made Rome-Fiumicino the first airport in Italy to make SAF available to airlines.ADRs most recent SLB issuance was well-received by investors(nearly five times oversubscribed),including“dark-green”and“light-green”investors(respectively,investors
138、with sustainable investment as their primary goal,or those who have sustainable criteria for investments).As of July 2023,ADR had not explicitly included CO2 emissions from aviation sources but is planning to monitor the industry as it evolves to remain on the leading edge of the SLB market.It is co
139、mmitted to Scope 3 reductions from aircraft involved in maintaining its ACA 4+transition level.CASE STUDY Rome-Fiumicino International Airport Financing The Airports Of Tomorrow:A Green Transition Toolkit19Whilst comprising some 97%of an airports carbon profile,Scope 3 emissions such as those caused
140、 by aircraft landing,take-off(LTO)and taxi are generally outside the airports sphere of control.Scope 3 emissions also include those caused by passenger vehicles,tenants and waste disposal.Some airports are trying to address them for ground transportation,where they have more influence,through proje
141、cts like electric passenger car-charging stations and increased connectivity to public transport.But none of the airports interviewed for this report have begun to fund major infrastructure projects that will support alternative propulsion methods such as hydrogen,because there is no clarity around
142、this technologys commercial viability or adoption by airlines.However,Scope 3 emissions have begun to move into focus for policy-makers,financial institutions,investors and the general public in more climate-mature geographies.Airport expansion projects,unless financially justified because of econom
143、ic benefit to a developing market,are becoming harder to fund in markets with mature governance,because they result in a net increase in Scope 3 emissions.Until there is a decarbonization solution to aircraft emissions as a whole,airports could face additional challenges during expansion projects.If
144、 airports do not take action to understand and address Scope 3 emissions in addition to Scope 1 and 2,financial institutions believe that access to financing could eventually become more limited for airports that rely on non-government funding.Private equity funds in climate-mature regions have begu
145、n to request full Scope 1,2 and 3 emissions disclosures,as well as emissions reduction targets.Outside of private capital,the largest banking players in sustainable finance are members of the Net Zero Banking Alliance(NZBA),which requires them to align their financing activities to 2050 net-zero tar
146、gets with no or low-overshoot transition pathways as specified by credible,science-based climate scenarios.This poses a challenge for both banks and airports to address the emissions profile holistically,including Scope 3 emissions from aircraft,as financial institutions will not be able to reconcil
147、e airports emissions profiles with their own overall portfolio decarbonization goals.So,what can airports do to support the reduction of their Scope 3 emissions?Some solutions emerge around airports ability to influence airlines,ground handlers,passengers and the wider value chain.Influence airlines
148、As the drivers of the vast majority of an airports GHG emissions profile,airlines are crucial stakeholders to engage in addressing decarbonization strategy goals.Airports may have a number of potential ways to work with airlines to decarbonize,detailed below.Differential landing charges based on NOx
149、,carbon or noise Under ICAOs policies on airport charges,airports in many geographies23 are able to levy landing charges related to local air quality(LAQ)due to emissions,similar to levies that aircraft face for noise pollution.ICAO,which is the UNs international governing body for aviation,has deta
150、iled guidelines for the implementation of LAQ-related charges for airports and governments to reference,including guidance around applicability,process,cost basis and any additional special considerations.One example of this being implemented comes from London Heathrow,whose differential landing cha
151、rges based on emissions and noise pollution are funnelled into a fund to subsidize SAF for airlines.This approach incorporates two incentives:a negative incentive around emissions(because landing charges increase with emissions)and a positive incentive to purchase SAF from the airports fund,because
152、it reduces the price and overall emissions,thus reducing the charges as well.However,differential landing charges are not allowed in all geographies.Incentives for new aircraft propulsion and energy systems,fleet renewal and retrofit of in-service aircraft Similar to charges levied for air pollution
153、 caused by aircraft operations,airports in jurisdictions where differential landing charges are legally viable may be able to reduce landing charges for next generation planes that produce lower emissions.LAQ charges are meant to compensate airports for the costs that airports could incur when addre
154、ssing any LAQ-related problem caused by aircraft.Next-gen hydrogen,electric or largely SAF-fuelled aircraft(alongside conventionally-powered aircraft that provide a step-change reduction in emissions)may therefore be able to receive special consideration for landing charges commensurate with the red
155、uction in LAQ-related liabilities that airports could face with higher-emissions aircraft.Long-term:tackle the challenge of Scope 3 emissions2.4 Private equity funds in climate-mature regions have begun to request full Scope 1,2 and 3 emissions disclosures,as well as emissions reduction targets.Lond
156、on Heathrows differential landing charges,based on emissions and noise pollution,are funnelled into a fund to subsidize SAF for airlines.Financing The Airports Of Tomorrow:A Green Transition Toolkit20Electrification of ground support equipmentOne airport-owned project that could impact both Scope 1
157、and Scope 3 emissions is the installation of electric ground power units(GPU)and preconditioned air for aircraft to use instead either jet-fuelled auxiliary power units(APUs)or diesel fuelled GPUs.Airports that provide aircraft with electric GPUs powered by renewable or lower-carbon electricity sour
158、ces could reduce their Scope 3 emissions during the turnaround,servicing and boarding phases.Once airports are able to make lower-carbon GPUs available to aircraft,airports may then be able to disincentivize aircraft from utilizing their APUs when low-carbon GPUs are present.This option is valid whe
159、re GPU provision is owned by the airport.However,if not,this would have to be negotiated with ground-handling service providers.Facilitate localized airline SAF community Airports may play a role in uniting their local airline community around common decarbonization goals through the creation and di
160、rection of local airline SAF communities.In particular,airports without a home-based airline could encourage SAF communities to buy SAF from a single provider,facilitated through the airport.The creation of these communities could allow airports to influence SAF purchased at a local level and solidi
161、fy demand for SAF production facilities to de-risk local investment in increased production.Influence ground-handling service providersEmissions from tenants airside vehicles make up the next largest portion of airside Scope 3 emissions.Airports are able to create both incentives and penalties for g
162、round-handling service providers to ensure they operate with lower emissions.Contractual requirements and incentives Airports can place conditions upon the granting or renewal of the handler licences,by mandating all-electric ground-service equipment.For example,Hong Kong International Airport has a
163、n airside vehicle electrification programme that requires ground-handling service providers to use electric vehicles.Coupled with such requirements,airports could look to part-fund incentives for ground handlers to electrify vehicles or switch to lower-carbon ways of operating.Many of the larger,mor
164、e climate-mature airports have already begun to work with ground-handling service providers and their fleets to pursue electric power trains or,as in the case of Dallas Forth Worth airports ground-handling service providers,switching from compressed natural gas(CNG)to renewable natural gas(RNG)to po
165、wer their vehicles.Incentives may be a valuable option for airports in between contract renewal periods.Provide infrastructure Airports can enable ground-handling service providers to pursue lower emissions operations by providing the necessary infrastructure.Provision of such infrastructure should
166、be accompanied by the expectation or contractual requirement of lower emissions for GSE.This may include the installation of charge stations for electric GSE,provision of SAF,or stocking of low-carbon biofuels like HVO at airport fuelling stations in place of diesel fuel.Monitoring and reporting In
167、order to create an accountability system for lower-emissions operations,as well as to track any reductions in emissions,airports can require regular reporting of carbon emissions from ground-handling service providers.This will encourage adherence to lower-carbon methods of operating and give the ai
168、rport a clearer picture of progress towards its decarbonization targets.Influence passengersLandside transportation incentives The primary way airports can exert influence on their passengers to reduce carbon emissions is through incentives for low-carbon landside transportation,such as mass transit
169、 and electric vehicles.Airports can reduce parking charges for passengers arriving in electric vehicles(EVs),subsidize passengers fares for public transport or offer other benefits such as discounts at retail outlets.Transportation infrastructure investmentsTo ensure passenger incentive programmes a
170、re effective,airports must prioritize infrastructure investments for EV-charging and other alternative fuels,such as renewable diesel and hydrogen.In addition,terminal infrastructure projects should consider ways to integrate more seamlessly with public transportation to reduce the barrier to use by
171、 passengers.Passenger educationAirports can play an educational role with the passengers they serve by explaining the decarbonization trajectory that aviation is following,introducing passengers to SAF and alternative propulsion methods and informing them of the impact that lower emissions jet fuels
172、 can have on their carbon footprint.Hong Kong International Airport requires ground-handling service providers to use electric vehicles.Financing The Airports Of Tomorrow:A Green Transition Toolkit21Waste reduction initiativesAirports can also explore passenger-focused initiatives to reduce emission
173、s by implementing waste-reduction programmes.This may include the provision of clearly marked waste containers that differentiate between trash and recycling,or waste reduction infrastructure for passengers,such as water refilling stations to reduce the use of single-use plastic bottles.As public op
174、inion shifts towards favouring lower-carbon lifestyle choices and public education programmes are implemented,passengers will expect airports to help them reduce their carbon footprints,with waste reduction as one avenue to that goal.Value chain influence and lobbyingAirports can adapt the technique
175、s above to influence the behaviour of the wider value chain,including retail concessionaires,tenants,taxi and car-sharing operators,city transport,fuelling companies and others.In addition,airports can leverage their position in broader society to sway governments and policy-makers in favour of tech
176、nologies,funding mechanisms,behavioural changes and policies that will result in lower carbon operations for airports.One example of this is lobbying for mandates and incentives through grants and tax credits for the increased production and use of SAF.Certain airports are lobbying their governments
177、 to mandate a higher percentage of SAF requirement by 2030 and to support the production and use of SAF by creating a SAF contracts for difference(CfD)market,24 which will incentivize increased production and use.While aircraft can only legally blend up to 50%SAF with A1 jet fuel,a minimum SAF manda
178、te would remove some of the burden of aircraft emissions from airports and place some of the pressure for adoption on government entities,as opposed to the airports themselves.While the airport decarbonization roadmap is common to all,an airports starting point and speed of execution will depend on
179、its size,the maturity of its governing policy and the sources of funding available to it based on those two factors.Certain airports are lobbying their governments to mandate a higher percentage of SAF requirement by 2030.London Heathrow is a privately owned global hub connector that served over 61
180、million passengers in 2022.The ACA has awarded LHR with the highest decarbonization accreditation of 4+.For some time,Heathrow has charged a higher landing fee for planes with significant nitrous oxide(NOx)emissions.But in 2023,Heathrow announced that the charges collected for NOx emissions would be
181、 funnelled back to airlines as an incentive to use SAF.Airlines who deliver SAF to Heathrow for use in their aircraft will have funds redistributed from the landing charges to reduce the premium price gap between kerosene-based jet fuel and SAF.There has not yet been broad adoption of differential l
182、anding charges by airports and not all jurisdictions permit them.As of October 2022,only 43 airports had emissions-based charges for airlines.Attempts to broaden the use of differential landing charges have met with resistance from airlines and have often resulted in prolonged legal battles.However,
183、implementation of landing charges for noise,local air pollution and NOx are legal under ICAO,which provides specific guidelines on how charges may be installed and used.While following ICAOs guidelines,Heathrows NOx emissions charge redistribution to airlines is a novel approach to incentivize the u
184、se of lower-carbon fuel and reduce Scope 3 emissions.The reduction of Scope 3 emissions from aircraft is a ground-breaking KPI included in Heathrows innovative sustainability-linked bond framework.The framework,published in June 2023,is novel in that it includes decarbonization targets that address
185、Heathrows entire emissions profile,in line with the UKs national emissions reduction targets.The airport has committed to a 15%reduction on“in the air”carbon emissions(including LTO,taxi and cruise for departing flights)by 2030 and a 46%reduction in“on the ground”emissions by 2030,including Scope 1,
186、2 and 3 emissions.This KPI was validated by the SBTi the first time an airport has published a validated SBTi trajectory.The issuance of this framework and subsequent SLB made waves in the airport community,causing investors to ask for a similar approach within other leading decarbonization framewor
187、ks.These commitments were made possible for Heathrow in part by the governing policy in which the airport operates.The United Kingdom government has published ambitious targets for aviation by 2030,including a 10%target on SAF,as well as an ambitious zero emission vehicle(ZEV)mandate requiring 80%of
188、 new cars to be ZEV by 2030.25 These policies,not reflected in other jurisdictions such as the EU and US,also allow for the implementation of differential landing charges.CASE STUDYLondon HeathrowFinancing The Airports Of Tomorrow:A Green Transition Toolkit22Airport financing toolkit3Financing optio
189、ns include commercial or government loans,corporate or sustainability bonds,green finance,private capital or development bank finance.Financing The Airports Of Tomorrow:A Green Transition Toolkit23The size of projects and access to financing will be determined by the location of the airport on the a
190、irport driver matrix(see Figure 8).Airports fall into the relevant quadrant of the matrix based on their size and the maturity level of their governing policy.The largest airports located in the most policy-mature jurisdictions are found in the upper right-hand quadrant.The funding sources most read
191、ily available to airports have been overlayed onto each quadrant and include the following:1.Commercial loans2.Government loans or grants3.Conventional corporate bonds4.Sustainability-linked bonds or loans 5.Green bonds or loans6.Private capital7.Multilateral development bank loans and grantsThe too
192、lkit presented in this chapter provides guidance for airports across the world that are studying financing options for decarbonization projects.Airports traditionally draw financing from a variety of sources outside their own retained profits and capital reserves.State-owned airports receive state f
193、unding and most airports of sufficient size look to financial markets,private capital or regional banks for financial support.When looking to fund decarbonization projects,airports may wish to consider alternative sources alongside or instead of conventional finance,including sustainability-linked b
194、onds or loans and green bonds or loans.While the specific financing options available to an individual airport may vary,this chapter considers a range of funding sources that support decarbonization projects,examines their prerequisites and presents relevant case studies.Airport driver matrix determ
195、ines access to financing3.1Funding sources,by government policy and airport sizeFIGURE 8Governing policy1MatureNascentAirport size2LargeSmall1 Commercial loans2 Government loans or grants3 Conventional corporate bonds4 Sustainability-linked bonds or loans5 Green bonds or loans6 Private capital7 Deve
196、lopment bank loans and grantsNotes:1This is a blend of the local government policies in both the airport geography and the airport owners geography.The more mature jurisdiction will be the driver.2Airport size generally refers to the number of passengers served but may also refer to the size of an a
197、irports operator,given the capacity of larger operators to reduce risks,gain greater access to funding and build relationships with financial institutions and investors.Financing The Airports Of Tomorrow:A Green Transition Toolkit24Airport decarbonization financing options and case studies3.2Descrip
198、tionCommercial loans are a conventional source of funding that allow airports to access debt-based capital from financial institutions at a fixed or floating interest rate at the time the loan was issued.To secure the loan,debt issuers may require airports to post collateral including future revenue
199、s,property or equipment,which may be confiscated in case of default.Airports can use commercial loans to finance a variety of capital improvements,such as constructing new facilities,purchasing equipment and renovating existing infrastructure.These loans can be obtained from a variety of financial i
200、nstitutions,including banks.Eligibility for commercial loans is determined by evaluating an airports creditworthiness through examination of an airports financial statements and credit history.Loan pricing is dependent upon a number of factors,including airport creditworthiness,yield type,loan term
201、and a variety of other factors.Term loans priced against London Interbank Offer Rate(LIBOR)26 ranged considerably based on their yield type:highly leveraged loans for airports ranged from LIBOR+2501000 basis points(bps),27 leveraged loans were from+70370 bps and near-investment grade and investment
202、grade were between+3.5250 bps.28Considerations Flexibility to fund decarbonization or conventional projects Available to both large and small airports in mature or nascent governing policy geographies Not linked to decarbonization targets or strategy Predictable cost of capital for airportsCase stud
203、yAntalya Airport,Turkey is an international airport handling over 31 million passengers in 2022.In 2023,Antalya Airport sought funding for the expansion of passenger terminals and construction of additional apron spaces and taxiways.The European Bank for Reconstruction and Development(EBRD)provided
204、a commercial bridge loan to Antalya to cover 140 million of the 2,469 million project,which will be financed by a combination of equity and debt.In addition to financial eligibility requirements,the EBRD instituted climate requirements in the terms of funding.The funding required a comprehensive env
205、ironmental and social impact assessment prior to project work beginning and is contingent upon adherence to an environmental and social action plan.In addition,portions of the funding will be used for LEED-certified29 terminal construction,a solar power plant and increased employee diversity with a
206、commitment to increasing the share of women in its contractor workforce.Antalya Airport also committed to achieving ACA level 4+as an outcome of the funded projects.Commercial loansDescriptionGovernment loans or grants are another conventional source of financing that allow airports to raise debt-ba
207、sed capital.While loans need to be repaid,grants do not.The majority of airports globally rely on government loans or grants to some extent for funding.The extent to which these loans and grants are orientated towards funding core airport operations versus decarbonization projects is determined by t
208、he maturity of government decarbonization policy.Government-owned airports,particularly smaller airports without the ability to access other sources of finance,rely on government loans and grants for day-to-day operations and functional infrastructure upgrades.These airports may apply for additional
209、 grants to be used for decarbonization projects;however,funding constraints Government loans or grantsFinancing The Airports Of Tomorrow:A Green Transition Toolkit25DescriptionConventional corporate bonds debt raised from institutional investors such as pension funds are another popular source of fi
210、nancing.When an investor buys a corporate bond,they are effectively buying an“IOU”from the corporation that is to be repaid at a pre-determined date(“maturity”).The bond will also typically pay“coupons”,which are interest-based payments made to the bondholder at regular intervals.To set up and execu
211、te the sale of the bonds,corporations usually enlist the help of investment banks which function as underwriters.Airports issue corporate bonds for infrastructure projects,operational improvements,airport expansion and decarbonization projects.Given the significant costs involved,corporate bonds are
212、 more commonly issued by larger airports than smaller ones.Larger airports may issue airport revenue bonds,which are secured by the operating revenue of the airport generated from airport activities such as landing fees,terminal rents,concession revenue,parking charges and other income streams.Small
213、er,publicly owned airports may at times be able to issue bonds with government entities backed by that entitys taxing authority,to reduce the risk associated with lower operating revenues.In terms of pricing,analysis of over 300 bonds issued by airports since 2018 totalling over$65 billion showed an
214、 average 2.96%coupon rate.30Considerations Flexibility to fund decarbonization or conventional projects No risk of greenwashing Predictable cost of capital for airports Less accessible for small airportsCase studyDallas Fort Worth International Airport(DFW)is a publicly owned global hub connector in
215、 the US and the second busiest airport by passenger volumes in the world.In April 2022,DFW issued a revenue-backed$1.2 billion bond sale underwritten by Citigroup to help fund the airports capital programme for terminal and other infrastructure improvements between 2022 and 2027,which is projected t
216、o cost$5.9 billion.DFWs capital programme is a component of its 2021-2024 strategic plan,of which one prong is sustainability with an overall goal of net-zero emissions by 2030.Funding will be used to electrify DFWs fleet of vehicles,build an electric central utility plant and,eventually,to invest i
217、n carbon dioxide removal(CDR)technology.Conventional corporate bondsmean that the implementation of such projects will depend on how advanced the regional decarbonization policy is and more broadly the attitude of the governments towards decarbonization as a public goal.Larger government-owned airpo
218、rts with additional options for funding will have more flexibility in diverting public funds towards decarbonization-related projects,which may in turn open more doors to funding from environmentally minded investors.Considerations Funds may have defined eligible uses and may not be used for decarbo
219、nization projects More affordable capital for airports Available to both large and small government-funded airports in mature or nascent governing policy geographies May not cover all the cost of operations Case studyEl Dorado International Airport(BOG)in Bogota,Colombia,is the primary airport servi
220、ng the country and accounts for nearly half of all air traffic in Colombia,serving 36 million passengers in 2022.BOG is owned by the Colombian government and operated by a consortium of companies,including Colombian construction and engineering firms and Flughafen Zurich AG,the operator of Zurich Ai
221、rport.Bogota Airport gained ACA level 4 in 2023,becoming the first airport in Latin America and the Caribbean to achieve that level and the highest level of any airport in the region.As a government-owned airport,BOG receives funding from the Colombian government and is supported by its operating co
222、nsortium to finance the decarbonization projects required to reach ACA level 4.Bogota Airport has invested in renewable energy by installing more than 11,000 solar panels,which is the largest photovoltaic installation in South America,reduced electrical energy consumption by more than 11%through ado
223、ption of LED lighting technology and committed to responsible waste management,with nearly 80%of waste generated being repurposed.Financing The Airports Of Tomorrow:A Green Transition Toolkit26DescriptionSustainability-linked bonds or loans are financial instruments that incentivize the issuer to ac
224、hieve predetermined sustainability performance targets(SPTs),such as decarbonization targets,while potentially providing the opportunity to reduce financing costs,usually through lower interest rates(see Figure 9).Funds from sustainability-linked instruments need not be used exclusively for environm
225、ental or social projects.Rather,they can be used to finance any project whose funding costs are linked to those predetermined SPTs that consider the holistic performance of an airport towards decarbonization targets and other climate goals.Airports that do not attain the agreed-upon progress on thei
226、r SPTs will incur penalties in the form of higher interest rates.Research of recent issuances shows that penalties can be anywhere from 5 to 25 bps per annum.To be eligible for sustainability-linked funding,airports must have clear and credible transition plans which include an established baseline
227、for their carbon emissions,a set of rigorous and credible carbon reduction targets,and institutionalized reporting and tracking protocols to measure progress.These eligibility requirements are generally recorded in sustainable financing frameworks,which help borrowers to access sustainability-linked
228、 funding by documenting their sustainability strategies,including any sustainability goals and associated KPIs,sustainability programme governance,rationale for establishing a sustainable finance framework and alignment to any external sustainable finance instrument programmes like the International
229、 Capital Market Association(ICMA)bond and loan principles.31Sustainability-linked bonds and loans have no meaningful difference in pricing compared with conventional instruments in most cases;however,emerging evidence shows that involving external reviewers to validate sustainability targets and ill
230、ustrate the ambition of the framework may affect pricing positively for the lender.32Considerations Potential to achieve lower interest rates with SPTs being met Flexibility to fund decarbonization or conventional projects More involved application process than conventional bonds or loans(requires d
231、evelopment of sustainability-linked finance framework and second-party opinion from a reputable institution)Requires additional tracking and reporting compared to conventional loans or bonds Risk of greenwashing arising from scepticism around targets,tracking and reporting Less accessible to small a
232、irports with less capacity to develop and document decarbonization strategies and applicable projects Potential for cost of capital penalties if SBTs are not metCase studyGrupo Aeroportuario Centro Norte,Mexico,known as OMA,is a Mexican airport operator headquartered in San Pedro,Mexico.It operates
233、13 international airports and served over 23 million passengers in 2022.In 2023,OMA issued more than$175 million in sustainability-linked bonds across two issuances($35 million in 3-year notes at a variable rate of Interbank Equilibrium Interest Rate(TIIE)28+23 bps,$140 million in 7-year notes at a
234、fixed rate of 10.26%)tied to a reduction in Scope 1 and 2 emissions by 58%by 2025 compared to a 2018 baseline.This SPT was documented in OMAs sustainability-linked framework,published in 2022,in accordance with the ICMA sustainability-linked bond principles(2020).OMA plans to achieve the SPT through
235、 installation of solar panels,a power purchase agreement with a wind energy supplier and investment in energy efficiency systems across airports.In addition,OMA has committed to obtain ACA level 2 for its five largest airports by passenger traffic by 2025.Should OMA not meet the SPT it has committed
236、 to,the bond issuances will face an interest rate step-change of 25 bps in 2026 unless OMA can demonstrate that it has achieved the defined carbon reduction KPI.The issuances received the highest ratings in Mexico of AAA.mx by Moodys and AAA(mex)by Fitch.The book runner on the issuances was Citibana
237、mex.Sustainability-linked bonds or loansFinancing The Airports Of Tomorrow:A Green Transition Toolkit27DescriptionGreen bonds or loans are a financial instrument that allows airports to raise debt-based capital specifically for green projects,including carbon reduction projects(see Figure 9).Green f
238、inancial instruments do not tie the interest rate to performance against targets,but are“for-purpose”,meaning the financing may only be used for specific low-carbon or carbon reduction projects vetted by the financial institution providing the funding.Failure to demonstrate carbon reduction potentia
239、l for a project will disqualify an airport from receiving green funding.Green bonds and loans depend on green or sustainable finance frameworks that define which projects and investments are considered“green investments”as well as a process for project evaluation and selection,governance to manage p
240、roceeds including supervision,tracking and reporting,and a detailed description of the frequency,duration and level of allocation reporting for any funds received in order to avoid greenwashing.On average,green bonds are priced slightly cheaper than conventional bonds,suggesting that investors are w
241、illing to invest in green bonds that are comparable to conventional bonds or accept a slightly lower yield(-1 to-9 bps on the secondary market)for green labelling.However,there is a substantial amount of variation in the primary market for green bonds,with spreads compared to conventional bonds(-85
242、to+213 bps).33Considerations Potential to be less expensive than conventional debt-based funding Avenue to fund decarbonization projects for airports in mature governing policy geographies For-purpose funding is more restrictive than other sources of capital More involved application process than co
243、nventional bonds or loans(requires development of green and/or sustainable finance framework and second-party opinion from a reputable institution)Requires additional tracking and reporting compared to conventional loans or bonds Some risk of greenwashing for airports and financial institutions Less
244、 accessible to small airports with less capacity to develop and document decarboni-zation strategies and applicable projectsCase studyIndira Gandhi International Airport,India(DEL)is the busiest airport in India by passenger traffic and served 65 million passengers in 2022.Delhi Airport is owned by
245、the Airports Authority of India,a government-entity,but operated through a joint venture with GMR Group,Airports Authority of India and European operator Fraport.Delhi Airport has achieved the highest ACA level level 4+transition,as a sign of its commitment to decarbonization and progress towards ne
246、t zero.In 2021,Delhi Airport issued a four-year,seven-month$450 million green bond at a coupon rate of 6.25%.The bond received a rating of Ba3/BB and was well received by the market at 2.8x oversubscribed.In advance of the green bond issue,DEL published a second-party validated green finance framewo
247、rk that outlined eligible green projects to be funded,including LEED-certified green buildings,renewable energy generation,electric vehicle charging stations,energy efficiency projects within buildings and water management projects.HSBC and JP Morgan Securities acted as the joint lead structuring ag
248、ents on the bond issue.Green bonds or loansDescriptionPrivate capital is funding that includes private equity,venture capital and other forms of alternative investments typically provided by institutional investors,high net-worth individuals and private equity firms.It is used by airports to finance
249、 growth or to raise funds by selling equity.Private capital has become increasingly important for airports in recent years,as many airports have turned to private money to fund infrastructure and other improvement projects to fill a gap in funding not met by debt from banks or government loans and g
250、rants.Private capital involvement in airports includes different models such as public-private partnerships(PPPs),which are a hybrid between private and public ownership of the airport and full or partial privatization.PPPs maintain government funding while bringing in much-needed capital investment
251、 to improve airport infrastructure.Private capital on average is priced slightly higher than Private capitalFinancing The Airports Of Tomorrow:A Green Transition Toolkit28DescriptionMultilateral development banks(MDBs)are financial institutions that provide medium-and long-term capital for productiv
252、e investment,often accompanied by technical assistance,in financially disadvantaged countries.In certain instances,banks like the European Investment Bank(EIB)may make funding available for certain projects in developed countries as well,though in no case would such funding go towards airport expans
253、ion.Airports in financially disadvantaged or developing countries that wish to finance decarbonization projects may raise debt-based capital through concessionary loans or bonds from MDBs.In these countries,airports may be able to finance expansion projects if there is a clear social and economic be
254、nefit.Considerations Higher lending risk tolerance for airports in nascent governing policy regions Avenue to fund projects for airports in developing countries Less common than conventional financial institutions Smaller overall pool of funding availableCase studyKunming Changshui International Air
255、port(KMG)in Yunnan Province,China is the primary airport serving the south-west of China and an international gateway to South-East and South Asia serving over 48 million passengers in 2019.In 2023,the Asian Infrastructure Investment Bank(AIIB)provided a sovereign-backed loan of around$500 million f
256、or the KMG expansion and green development project,which has a dual focus of green development and expanded connectivity for the airport.The project includes the construction of two new runways,aprons,a cargo terminal,maintenance area,general transport centre and working areas.The project also inclu
257、des the construction of a new terminal building,T2,with a capacity of 40 million passengers per year.Within the projects scope,the AIIB will fund construction of airside infrastructure in the eastern part of the airport,construction of aprons and associated lighting around T2,electrified ground-hand
258、ling service provider vehicles and chargers,electric GPUs,noise monitoring equipment and technical support and capacity building.AIIB specified that KMG is eligible to receive funding for this project due to Chinas national decarbonization commitments,which are Paris-aligned.Multilateral development
259、 bank loans and grantsconventional corporate loans.For airports term loans priced against the LIBOR,highly leveraged loans ranged from+250725 bps,leveraged loans were+250525 bps and near-investment grade and investment grade loans ranged from+200250 bps.34Considerations Funding may be used for conve
260、ntional or decarbonization projects May fill gaps in funding not met by government loans and grants or debt from banks Different models of funding create flexibility for airports More stringent requirements for decarbonization strategies and targets in mature governing policy geographies Less availa
261、ble for small airports,given higher risk and private capitals focus on return on investment May be more expensive than government loansCase studyLaGuardia Airport(LGA)in New York City,US,is a public airport owned by the Port Authority of New York and New Jersey and is one of three major airports tha
262、t serves the New York metropolitan area.In 2016,LGA underwent the LaGuardia Terminal B redevelopment project in the largest transportation public-private partnership infrastructure project in US history.The LaGuardia Gateway Partners(LGP)PPP consortium was led by Vantage Airports Group,a Canada-base
263、d private equity firm,to fund the$5.1 billion project.Vantage,an equity shareholder in LGP,oversaw the project and will manage ongoing operations in the reconstructed terminal.The Terminal B redevelopment project was the first airport project in the world to achieve LEED gold v4 certification and in
264、volved other sustainability and decarbonization measures,including a more energy-efficient baggage handling system that can save 37%of energy used in traditional baggage handling technology,as well as rooftop solar hot water systems,electric GPUs at each gate for aircraft,preferred parking for low-e
265、mission vehicles and additional electric car-charging stations.Financing The Airports Of Tomorrow:A Green Transition Toolkit29Green finance and sustainability-linked bonds and loansFIGURE 9For-purposeMay only be used for green projectsGeneral purposeMay be used for decarbonization projects or genera
266、l corporate purposeMust be used on green projects as defined by a green finance frameworkPerformance against borrowers targets documented in a sustainability-linked finance frameworkDetermined at issuance not tied to project outcomesTied to performance against sustainable performance targets(SPTs)fa
267、ilure to reach targets can result in penalties from 5 to 25 basis pointsOn average,green bonds are priced slightly cheaper than conventional bondsOn average,sustainability-linked bonds and loans are priced slightly cheaper than conventional bondsGreen bonds and loansSustainability-linked bonds and l
268、oansUse caseEligibilityTermsPricingFinancing The Airports Of Tomorrow:A Green Transition Toolkit30Looking Ahead4Airports will struggle to access finance without demonstrating progress on decarbonization but tackling emissions and investing in clean energy will secure their future.Financing The Airpo
269、rts Of Tomorrow:A Green Transition Toolkit31In a green transition future,airports will no longer serve only as passenger and cargo hubs.This report anticipates that airports will become renewable energy production and distribution hubs for their local communities.35 This new role for airports as ene
270、rgy hubs will create opportunities for economic growth and expansion into new income streams,particularly at times of high energy production and demand.Additionally,the expansion into renewable energy creation and distribution will generate a new source of green jobs for airport communities.Airports
271、 will need to secure access to or produce and distribute their own abundant,cost-effective clean energy to supplement limited local electricity grids.Much of the increase in renewable electricity demand will go towards the production of green hydrogen or the charging of battery-powered aircraft as t
272、hese new technologies come online.This will be especially the case in smaller hubs and regional airports that serve a smaller radius of destinations.As an example of the scale of the challenge ahead,a leading global hub airport has calculated that moving 900 people a day on electric vertical take-of
273、f and landing aircraft(eVTOLs)a promising technology for electricity-powered flight would command 40%of its total current electrical capacity,making the business case to implement this much more challenging.Airports may be required to switch to other renewable energy sources to meet the anticipated
274、demands of the airport ecosystem for low-carbon energy.However,with an advanced energy production system,like the kind that would be required for an airport to transition to the role of an energy hub,the extra electrical capacity required may not be a significant problem.One potential solution to Sc
275、ope 3 emissions is investing in the infrastructure,technology and operational capabilities required for the production,storage and distribution of hydrogen at airports.Hydrogen is a clean and versatile energy source and is an expected source,along with electricity,for alternative propulsion in aviat
276、ions path of decarbonization to net zero by 2050.Airports need to consider how they should prepare for a future with hydrogen fuelling as a requirement to serve their tenants.The new technology would require significant infrastructure investment,regardless of an airports degree of involvement in hyd
277、rogen production.While airports may not be responsible themselves for funding hydrogen infrastructure projects,many such projects will be required onsite and are likely to fall under their purview.Some airports may want to consider onsite hydrogen production and liquefaction,which would produce econ
278、omies of scale for the airport and reduce the risk and difficulty of transporting hydrogen.Airports that produce hydrogen onsite could also supply hydrogen not only to aircraft but to surrounding businesses,creating a new revenue stream for airports.Onsite hydrogen production would require significa
279、nt funding and a new level of operational expertise,which may not be a viable endeavour for smaller airports,as they may lack sufficient access to funding,either conventional or sustainable,to afford the necessary projects.In addition,space-constrained airports may not have sufficient land to accomm
280、odate the additional infrastructure required for hydrogen-powered flight.While it is challenging to predict with any certainty which green transition projects airports will need to finance and when,or indeed even what role airports will play going forward,there are some generally accepted scenarios
281、for the long term.Airports as an energy hub Hydrogen infrastructure4.14.2Financing The Airports Of Tomorrow:A Green Transition Toolkit32In order to secure funding for large infrastructure projects such as those described above,a greater use of“hybrid financing”is likely.Hybrid or blended finance use
282、s public or concessionary funding to attract private sector investment by de-risking projects that might not be commercially viable but are crucial to other goals,including the energy transition.Beyond financial assistance,hybrid finance can also assist in sector goals through technical assistance,p
283、roject preparation,how to structure and implement decarbonization projects,and specific expertise that might not otherwise be available.While it is unlikely that hybrid finance will play a significant role in addressing Scope 1 or 2 emissions reduction projects,it is expected to become common in Sco
284、pe 3 emissions reduction projects.It is no longer a viable option for airports to delay their decarbonization journey.Interviews with financial institutions across the spectrum of funding sources indicate that airports in climate-mature geographies could experience more constricted access to capital
285、 in the future if they do not establish strategic decarbonization plans and demonstrate action against them.In mature governing policy jurisdictions,financiers have relayed that access to finance is already becoming limited for airport expansion projects that increase the overall emissions of an air
286、port.Without demonstrating progress towards decarbonization,airports will likely experience restrictions on access to conventional finance.Financial institutions will continue to respond to pressure from policy within climate-mature geographies and from investors to limit funding to hard-to-abate in
287、dustries like aviation.Airports must act now to plan for a future targeting net zero and ensure that they employ decarbonization strategies that give them access to the sources of finance they will require.Hybrid financing“Do nothing”is not an option4.34.4 Without demonstrating progress towards deca
288、rbonization,airports will likely experience restrictions on access to conventional finance.Financing The Airports Of Tomorrow:A Green Transition Toolkit33ConclusionWhile the challenge faced by airports to decarbonize can seem daunting,airports stand ready to take responsibility for the portion of th
289、e global carbon footprint within their control and are already starting to define and implement decarbonization strategies.Their dilemma is the larger part of their emissions profile that falls beyond their control and for which no immediate,comprehensive solutions exist.But through the continuous c
290、ollaboration of onsite and offsite airport ecosystem members,systemic decarbonization can and will occur.Among the most pivotal keys to success will be the ability of airports and their ecosystems to secure financing for the expected$5 trillion capital investment necessary to transition airports and
291、 aviation to net-zero operations by 2050.It is the hope of Oliver Wyman,the World Economic Forum,ACI World and Mundys that this toolkit will help airports identify and access sufficient and innovative funding sources to support the sector-wide goal of decarbonization.Financing The Airports Of Tomorr
292、ow:A Green Transition Toolkit34GlossaryACA:Airport Carbon Accreditation.ACI:Airports Council International.ANSPs:Air Navigation Service Providers.Biofuels:Fuels derived from renewable resources that can be used as alternatives to traditional fossil fuels.Carbon emissions profile:The total amount of
293、carbon dioxide emitted into the atmosphere as a result of human activities.CO2:Carbon dioxide.Decarbonization:The process of reducing or eliminating carbon dioxide emissions.eVTOL aircraft:Electric vertical take-off and landing aircraft.Emissions intensity:The amount of greenhouse gas emissions per
294、unit of activity or output.EU taxonomy:The EU taxonomy for sustainable activities is a classification system established to clarify which investments are environmentally sustainable.Forum:World Economic Forum.GHG:Greenhouse gas.GHSP:Ground-handling service providers.GPU:Ground power unit.GSE:Ground
295、service equipment.HVO:Hydrotreated vegetable oil.ICAO:International Civil Aviation Organization.IIJA:Infrastructure Investment and Jobs Act.IRA:Inflation Reduction Act.KPIs:Key performance indicators.LIBOR:London Interbank Offered Rate.LTO:Landing and take-off cycle for aircraft.Net-zero:Achieving a
296、 balance between the amount of GHG emissions produced and the amount removed from the atmosphere.NZBA:Net Zero Banking Alliance.NZE:Net-zero emissions.Offsite participants:Ecosystem participants that are predominantly off the airport grounds,including policy-makers and governments,local community me
297、mbers and financial institutions and investors.OEMs:Original equipment manufacturers.Onsite ecosystem members:Ecosystem participants on the airport grounds,including the airports themselves,airlines,ground-handling service providers and ANSPs.Paris-aligned:In reference to commitments or plans that a
298、re consistent with the Paris Agreement on climate change.PPA:Power purchase agreementSBTi:Science Based Targets initiative.Scope 1 emissions:Direct greenhouse gas emissions from sources that are owned or controlled by an organization,such as emissions from combustion in owned or controlled boilers,f
299、urnaces,vehicles etc.Scope 2 emissions:Indirect greenhouse gas emissions from the consumption of purchased electricity,heat or steam.Scope 3 emissions:Indirect greenhouse gas emissions that are a consequence of an organizations activities but occur from sources not owned or controlled by the organiz
300、ation,such as emissions from the production of purchased materials,transportation of goods and waste disposal.SDGs:Sustainable development goals.SPT:Sustainable performance target.Sustainable finance:The provision of finance to investments that provide environmental,social and governance benefits.Su
301、stainable financing frameworks:Framework documents used to document sustainable goals and targets of an organization,criteria for alignment with environmental,social and governance considerations and projects that may fall within those considerations to receive funding.Sustainable aviation fuel or S
302、AF:A type of aviation fuel that is produced from renewable sources,such as biomass or waste materials and has lower greenhouse gas emissions than conventional aviation fuel.TIEE:Interbank Equilibrium Interest Rate.Zero-tailpipe CO2 operation:The operation of vehicles or equipment with zero emissions
303、 of carbon dioxide from the tailpipe,such as electric vehicles or equipment powered by hydrogen fuel cells.Financing The Airports Of Tomorrow:A Green Transition Toolkit35ContributorsWorld Economic Forum Laia BarbarHead,Climate StrategyVladimir BorodinSpecialist,Airports of TomorrowOliver WymanRana N
304、awasPartner,Transportation and Services PracticeTim BournePrincipal,Transportation and Services PracticeHannah WhitneySenior ConsultantAirports Council International World Michael RossellSenior Vice President,International RelationsJennifer DesharnaisDirector,Sustainability and EnvironmentAlicja Gaj
305、ewskaManager,Sustainability and Environmental ProtectionMundys Katia RivaChief Sustainability and Innovation OfficerAlice Bordini StadenClimate Strategy AdvisorEditing and designJonathan WalterEditorAlbert BadiaDesignerAdditional contributors The ideas and opinions expressed in this white paper have
306、 been informed by interviews with the following organizations,but do not necessarily reflect the individual opinions of the additional contributors listed below.Some of the organizations below are featured in case studies in the report,but all information attributed to individual airports and financ
307、ial institutions was sourced from publicly available sources.The World Economic Forum would like to extend its warm thanks to the following valued contributors:Abu Dhabi Investment AuthorityAeroporti di RomaAsian Infrastructure Investment BankBNP ParibasCasablanca Mohammed V International AirportCDP
308、Q Credit AgricoleDallas Fort Worth International AirportDubai AirportsEDF Invest European Bank for Reconstruction and DevelopmentEuropean Investment BankFerrovialFrankfurt AirportHamad International AirportHong Kong International AirportHSBC IFM Investors Indira Gandhi International AirportKansai In
309、ternational AirportLondon HeathrowMalaysia AirportsMoi International AirportOntario International AirportPIMCO Wren House InfrastructureThe World Economic Forum would also like to extend particular thanks to Rekibudden Ahmed,Benjamin Bridgeland,Sven Deckers and Manish Sethi of Dubai Airports for the
310、ir contributions.Financing The Airports Of Tomorrow:A Green Transition Toolkit36Endnotes1.Airports Council International World,Long-Term Carbon Goal Study for Airports Report,2021,https:/store.aci.aero/product/long-term-carbon-goal-study-for-airports-report-2021/.2.International Civil Aviation Organ
311、ization(ICAO),2023,https:/www.icao.int/Pages/default.aspx.3.Mission Possible Partnership(MPP),Making Net-Zero Aviation Possible:An industry-backed,1.5C-aligned transition strategy,2022,https:/missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.4.Airports C
312、ouncil International World,Long-Term Carbon Goal Study for Airports Report,2021,https:/store.aci.aero/product/long-term-carbon-goal-study-for-airports-report-2021/.5.Mission Possible Partnership(MPP),Making Net-Zero Aviation Possible:An industry-backed,1.5C-aligned transition strategy,2022,https:/mi
313、ssionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.6.Airports Council International North America,Airport Infrastructure Needs Study,2023,https:/airportscouncil.org/intelligence/airport-infrastructure-needs-study/.7.Oliver Wyman analysis,2023;Fitch Solution
314、s Infrastructure Report.8.Mission Possible Partnership(MPP),Making Net-Zero Aviation Possible:An industry-backed,1.5C-aligned transition strategy,2022,https:/missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.9.Sources:Oliver Wyman analysis,2023.European
315、Commission,EU taxonomy navigator,2023,https:/finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en#eu-taxonomy-navigator.10.Oliver Wyman analysis,2023.11.European Commission,EU taxonomy navigator,2023,https:/finance.ec.europa.eu/sustainable-finance/tools-
316、and-standards/eu-taxonomy-sustainable-activities_en#eu-taxonomy-navigator.12.Enel,Sustainability-Linked Bond ENG,14 February 2023,https:/ Council International(ACI)has established an Airport Carbon Accreditation(ACA)programme led by ACI Europe that independently acknowledges airports efforts to mana
317、ge and reduce their carbon emissions.The ACA has six levels of progress currently recognized,from the lowest level,Mapping,that includes the compilation of a carbon footprint report with emissions sources and calculation of annual emissions to the highest level,Transition,which requires airports to
318、define a long-term carbon management strategy driving towards net zero by 2050,demonstrating evidence of absolute emissions reductions across the airport ecosystem and offsets of any residual carbon emissions over which the airport has control.Airports may apply to be considered for the ACA programm
319、e as a sign to external bodies of their dedication to and progress towards decarbonization.Source:https:/www.airportcarbonaccreditation.org/.14.European Commission,Eurobarometer,Climate change,July 2023,https:/europa.eu/eurobarometer/surveys/detail/2954.15.Euromonitor International,Travelers will pa
320、y 10%extra for sustainable travel despite cost-of-living crisis:Euromonitor Report,15 August 2023,https:/ Research Center,Majorities Of Americans Prioritize Renewable Energy,Back Steps To Address Climate Change,28 June 2023,https:/www.pewresearch.org/science/2023/06/28/majorities-of-americans-priori
321、tize-renewable-energy-back-steps-to-address-climate-change/.17.European Commission,Eurobarometer,Attitudes of Europeans towards tourism,November 2021,https:/europa.eu/eurobarometer/surveys/detail/2283.Financing The Airports Of Tomorrow:A Green Transition Toolkit3718.Berger,S.et al.,Willingness-to-pa
322、y for carbon dioxide offsets:Field evidence on revealed preferences in the aviation industry,Global Environmental Change,March 2022,https:/ Wyman Forum,Evolution of Airports Travel Trends In The Next 30 Years,2023,https:/ Wymans proprietary calculations are that the“most likely SAF scenario even wit
323、h the higher tax credit from President Bidens Inflation Reduction Act projects a supply of 3.1 billion gallons,equivalent to about 2.9%of global consumption.To hold emissions at 2019 levels would require a supply of 16 billion gallons,or about 15%of total consumption.”Source:Oliver Wyman,Why The Inf
324、lation Reduction Acts SAF Tax Credit Wont Be Enough To Stop Airline Emissions Rise,18 August 2022,Forbes,https:/ Possible Partnership(MPP)states that:“Until 2030,achieving carbon-neutral growth based on 2019 levels and thereby complying with ICAOs CORSIA goal is critical(Exhibit 2.2).This alone will
325、 require the industry to bring new SAF production pathways to market and scale them up rapidly.The net-zero scenarios manage to stay below 2019 emission levels at all times,and the share of SAFs on total jet fuel consumption by 2030 amounts to 13%for the Prudent scenario and 15%for the Optimistic Re
326、newable Electricity scenario.”Source:MPP,Making Net-Zero Aviation Possible:An industry-backed,1.5C-aligned transition strategy,2022,p.45,https:/missionpossi-blepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.21.There are multiple credible approaches to calculating GH
327、G emissions,but the GHG Protocol Corporate Accounting Standard is one commonly used method that is preferred by SBTi and ACA.22.At the time of publication,the ACI is developing a Level 5 to the Airport Carbon Accreditation programme to recognize airports that have developed a full carbon footprint f
328、or Scope 1,2 and 3 as per the requirements of the GHG Protocol Scope 3 Guidance:achieved and maintain a larger or equal to 90%reduction of Scope 1 and 2 CO2 emissions compared to a 2010 baseline;purchased quality offset removals for remaining 10%of emissions;committed to net zero in Scope 3 by 2050
329、aligned to ISO and/or sector net zero frameworks or commitments,formulated a policy commitment on maintaining net zero;and developed a carbon management plan and a stakeholder partnership plan to achieve the targets.23.Some geographies have legal restrictions on differential landing charges.24.Contr
330、acts for difference(CfD)are a financial agreement between a fuel producer(i.e.seller)and government agency(i.e.buyer)that establish a fixed value for the price of fuel sold over a set contract period(e.g.10 years).Source:The International Council on Clean Transportation,Leveraging EU Policies and Cl
331、imate Ambition to Close the Cost Gap Between Conventional and Sustainable Aviation Fuels,20 April 2022,https:/theicct.org/publication/eu-fuels-aviation-cost-gap-safs-apr22/.25.Department of Transport,UK Government,Government sets out path to zero emission vehicles by 2035,28 September 2023,https:/ww
332、w.gov.uk/government/news/government-sets-out-path-to-zero-emission-vehicles-by-2035.26.There has been momentum to move away from LIBOR-based pricing schemes within the sector,but many historical transactions were based on the LIBOR index,which informed this analysis.27.One basis point is equivalent
333、to 0.01%or 0.0001 in decimal form.28.Oliver Wyman analysis,2023;Refinitiv industry data.29.LEED means Leadership in Energy and Environmental Design.Financing The Airports Of Tomorrow:A Green Transition Toolkit3830.Oliver Wyman analysis,2023.31.The International Capital Market Associations bond and loan principles are a set of internationally recognized guidelines that include how to describe inten