AWG has established a working group to assess, provide information, and potentially take action on, ESG geared to the context of aviation financing and leasing . The foregoing may include the development of metrics, methods, emissions (and CORSIA-related liability) tracking, reporting and documentation and/or principles geared to the context of aviation financing and leasing.
AWG has agreed to finalize the AWG carbon calculator (ACC). It is scheduled for release by the end of Q1, 2021. Based on manufacturer data, the ACC will calculate emission of aircraft and fleet portfolios. It will do so based on standard aircraft configurations, typical utilization and stage lengths. The tool will make use of standardized data, analyzed under consistent methodology.
The ACC will be developed by propel-ant, and AWG will be supported in its implementation by Watson Farley Williams. The ACC is part of AWG’s work on Environmental Social and Governance (ESG), geared to the context of aviation financing and leasing.
AWG has retained Clifford Chance and Watson Farley Williams as co-counsel to advise AWG, and support its work, on ESG in the context of aviation financing and leasing. KPMG (aviation and sustainable futures group) has also agreed to provide advice to, and support this work of, AWG.
AWG supports global efforts to substantially lower and offset carbon emissions, ensuring sustainable development of air transport.
That supports extends to the ICAO’s developed carbon offsetting and reduction scheme for international aviation (CORSIA). CORSIA seeks to stabilize CO2 emissions at 2020 levels by requiring airlines to offset the growth of their emissions after 2020.
Financing that takes into account ESG principles and metrics geared to the context of aviation financing and leasing, including for acquiring and using modern aircraft and engines with advanced environmental technologies, is essential.
AWG has developed a statement of principles on the impact of environmental regulation.
The aviation leasing and financing industry, like most other industries, needs to substantially enhance diversity and inclusiveness in the workforce. That applies at all levels of companies and across job and skill types.
Diversity and inclusiveness are linked to enhanced profitability, problem-solving capacity, creativity, and work satisfaction.
AWG is committed to encouraging and promoting diversity and inclusiveness in our sector, and is considering a range of activities to facilitate that objective, including:
- creating a forum for exchange of views on best practices
- encouraging or supporting research, training, and educational programs
AWG held its first diversity and inclusiveness meeting on 21 January 2020 in Dublin.
AWG will provide some financial support to Dublin College University Centre of Excellence for Diversity and Inclusion for its data-driven work researching this subject matter.