Contents© 2023 World Economic Forum. All rights reserved. No part of this publicationmay be reproduced or transmitted in any form or by any means, includingphotocopying and recording, or by any information storage and retrieval system.DisclaimerThis document is published by the World Economic Forum as a contribution to aproject, insight area or interaction. The findings, interpretations and conclusionsexpressed herein are a result of a collaborative process facilitated and endorsedby the World Economic Forum but whose results do not necessarily representthe 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 Onsite and offsite ecosystem1.2Drivers of airport decarbonization strategy1.3 Airport driver matrix2 The airport decarbonization roadmap2.1 Decarbonization roadmap overview2.2 Near term: Create a credible, science-based strategy2.3 Mid-term: Reduce Scope 1 and 2 emissions2.4 Long-term: tackle the challenge of Scope 3 emissions3 Airport financing toolkit3.1 Airport driver matrix determines access to financing3.2Airport decarbonization financing options and case studies4 Looking Ahead4.1 Airports as an energy hub4.2 Hydrogen infrastructure4.3 Hybrid financing4.4 “Do nothing” is not an optionConclusionContributorsEndnotes 345691415161818202324253132323333343637Financing The Airports Of Tomorrow:A Green Transition Toolkit ForewordThe World Economic Forum and Airports CouncilInternational (ACI) World are co-leading the Airportsof Tomorrow initiative, which seeks to address theenergy, infrastructure and financing needs of theaviation industry’s transition to net-zero carbonemissions by 2050. The initiative has convenedexecutives from across the aviation ecosystem withan aim to accelerate the move towards increasedsustainability and resilience.The Airports of Tomorrow initiative comprises four pil-lars of work — infrastructure, sustainable aviation fuel,financing and innovation. The focus of this documentis pillar 3, financing global airports’ green transition.This report presents key findings of our research inthe form of a toolkit intended to help airports charta path to net zero through decarbonization-relatedprojects and investments. The content includesstrategies to access necessary finance, guidancefor strategic planning and best-in-class examplesLaia BarbaràHead, Climate Strategy,World Economic Forum of airports today. The report also seeks to providethe broader ecosystem of stakeholders, includingfinancial institutions and policy-makers, with greaterinsight into the challenges facing global airports asthey work towards net zero.The toolkit is focused on transition projectsfor which airports might seek funding, such asonsite airport infrastructure to facilitate the use ofsustainable aviation fuel (SAF). It does not includeoff-campus investments, such as SAF refineries.While all elements of an airport’s sustainabilitystrategy are essential to the business, the focusof this report is on decarbonization and how thetransition to net-zero greenhouse gas emissions willThis work was developed by the World EconomicForum in partnership with Oliver Wyman, ACIWorld and sustainable mobility and airportinfrastructure company Mundys.Rana NawasPartner, Transportationand Services Practice,Oliver WymanFinancing The Airports Of Tomorrow:A Green Transition Toolkit be financed.3 Executive summaryThe world is facing a climate crisis and industriesand countries are being asked to cut greenhousegas (GHG) emissions to net zero by 2050. Aviationcontributes about 2% of total world emissions,primarily from the burning of fossil fuel by airlines.1The International Civil Aviation Organization (ICAO)and its member states have agreed to a long-termaspirational goal (LTAG) for the industry to reach netzero by 2050.2This decarbonization undertaking willrequire the sector to spend an estimated $5 trillion,with airports responsible for a small percentage ofthat investment as well as a fraction of the industry’stotal emissions.3Airports are a highly interconnected network ofonsite and offsite stakeholders who rely on eachother to serve the end customer. The majority ofan airport’s GHG emissions are not directly causedby the airport’s own operations but are insteadthe product of the activities of other ecosystemparticipants, notably aircraft operators.4Still, airports will play a key role in the sector’sdecarbonization efforts through the provision oflow-carbon fuels and are already beginning toadopt decarbonization strategies to reduce theirown carbon footprints, starting with the emissionsdirectly under their control. This toolkit is designedto support those efforts by providing airportexecutives around the world with potential ways tofinance their decarbonization strategies.Airports traditionally draw financing from a varietyof sources outside of their profits and capitalreserves. For example, state-owned