AWG establishes working group on ESG and aviation finance
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 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.