Key highlights of the report include:
Our ESG ratings have continued to show a positive trajectory as evidenced by our recent rating improvements. In September 2023, we were upgraded by MSCI ESG Ratings to 'AA' or 'Leader' level, and in April 2024, we were upgraded by Morningstar Sustainalytics to 'Low Risk' level.We continued our corporate fleet modernization strategy to ensure we own 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.Our indirect Scope 3 emissions intensity improved in 2023. We have achieved a 15% reduction in gCO2 per seat/km across our entire fleet over the last decade, notwithstanding our fleet doubling in size during this period.We continued to make progress on our Diversity, Equity, Inclusion and Belonging ("DEIB") framework and strategy, conducting focus groups and training sessions throughout 2023 to focus on the issues that matter most to our employees.We had continuous engagement and collaboration with regulatory authorities and the wider aviation industry on policy and decarbonization matters through our dedicated Government Affairs & Sustainability function, aiding our situational awareness and ability to engage on key policy developments.Together with our employees, AerCap donated over $800,000 to charitable and social causes and partnerships in 2023.
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 decarbonization 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 decarbonization 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."