AerCap has announced the publication of its latest Environmental, Social, and Governance (ESG) Report, for the year ended December 31, 2023.
The report sets out in detail AerCap’s commitment to growing its business in a responsible and sustainable way and includes a number of environmental, social, and governance disclosures.
The ESG Report is produced with reference to the Global Reporting Initiative (GRI) Standards.
Key highlights of the report include:
ESG ratings have continued to show a positive trajectory as evidenced by recent rating improvements. In September 2023, AerCap was upgraded by MSCI ESG Ratings to ‘AA’ or ‘Leader’ level
AerCap continued the corporate fleet modernisation strategy to ensure it owns the most in-demand and fuel-efficient aircraft, with ~$50 billion invested in new technology aircraft since 2014.
As of December 31, 2023, AerCap’s fleet comprised of ~70% new technology aircraft by net book value and ~80% new technology engines, with an additional ~$18 billion of new technology assets on order.
Stacey Cartwright, ESG Committee Chair, said: “We are very pleased to launch AerCap’s ESG Report for the year 2023, coinciding with World Earth Day.
“As the leading aviation lessor, AerCap is deeply invested in fostering sustainable growth within our industry. We recognize aviation’s indispensable role in economic development, fostering international relations, and facilitating cross-border trade. We firmly believe that sustainability cannot exist in isolation but must be seamlessly integrated into our overarching corporate strategy.
“Our approach for the year ahead will continue to be twofold: to assert control where feasible and to exert influence where necessary. By staying ahead of emerging trends and preparing for future challenges, we are confident in our ability to lead our industry toward a more sustainable future.”
Aengus Kelly, the CEO of AerCap, said: “One of the cornerstones to decarbonisation is fleet renewal and AerCap plays a leading role by investing in the most fuel-efficient, new technology assets. In that regard, since 2014 we have invested ~$50 billion in new technology aircraft, more than any other airline or lessor, thereby lowering the operating costs and carbon emissions of our airline customers.
“Many airlines lack the financing or delivery slots to enable their transition, and given the continuing OEM supply chain constraints, AerCap plays a key role in assisting with their decarbonisation efforts. In that respect, during 2023, our team completed 953 transactions, which included 592 lease agreements and the purchase of 173 assets.
“As our assets are operated by our customers, we do not have direct control over 99.9% of our emissions, so we must focus on the levers under our direct control or influence. AerCap is taking account of all decarbonization tools and regulatory obligations in our efforts to support Net-Zero Aviation 2050. Our decisions must take account of investor expectations and customer needs, while at the same time ensuring the best use of capital deployed.”
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