LAWA NAMED WINNER OF ENVIRONMENTAL FINANCE'S 2023 GREEN BOND OF THE YEAR: US MUNI BOND AWARD
Recognition Marks the First Time an Airport Has Achieved the Distinction
(Los Angeles) Environmental Finance recently announced Los Angeles World Airports (LAWA)’s Series 2022A Customer Facility Charge Bond issue as the 2023 Green Bond of the Year: U.S. Muni Bond winner. The judging panel’s recognition of LAWA marks the first time an airport has been granted such a distinction. The award acknowledges the successful effort by LAWA to raise $546 million for financing the construction of the Consolidated Rental Car (ConRAC) facility with the issue of green bonds in 2022.
"Decarbonizing transportation is an effort that requires uncompromising dedication from a wide array of industry stakeholders and partners. With the announcement of Los Angeles World Airport's win of Environmental Finance's 2023 Green Bond of the Year: U.S. Muni Bond award – the first time an airport has been granted this distinction – we reconfirm our commitment to achieve carbon neutrality by 2045," said Justin Erbacci, Chief Executive Officer, LAWA. "Guided by our Sustainability Action Plan, environmental responsibility remains a key focus of our transformation and is embedded in all aspects of our planning, development and operations."
The new ConRAC facility is one of the key components of LAWA’s transformational Landside Access Modernization Program. Once open, it will eliminate roughly 3,200 daily shuttle trips by centralizing rental car companies and customers into one location, alleviating traffic congestion and developing infrastructure to support an expanded electric vehicle rental fleet. With an extensive solar panel farm integrated into the facility’s roof, façade, and parking canopies, the ConRAC will generate the equivalent amount of power used by 1,100 houses annually with an output of approximately 8,400 megawatt hours each year.
Environmental Finance's annual award program is followed closely by economic, sustainability and innovation leaders. Each year, winners are selected through a competitive, multi-round evaluation process that concludes with an independent panel of global judges casting their vote to elect the best entry.
LAX, the sixth-busiest airport in the world serving nearly 66 million guests in 2022, is owned and operated by Los Angeles World Airports (LAWA), a proprietary, revenue-generating department of the City of Los Angeles that also governs Van Nuys Airport (VNY). As the international gateway to the Southern California region, LAX and its partners are dedicated to meeting global airport standards for customer satisfaction, safety, regional economic leadership, organizational performance and sustainability.
To better serve the millions of domestic and international guests that travel through LAX each year, the airport is undergoing a multi-billion-dollar capital improvement program to modernize its entire campus. Initiatives underway include an Automated People Mover, a Consolidated Rental Car Facility and two projects that will each add over one million square feet to the airport's existing property: Terminal 9 and Concourse 0. For more information about LAX, its transformation and its environmental, social and local workforce commitments, please visit flylax.com. Follow LAX on X (formally Twitter), Instagram, LinkedIn, Facebook and YouTube.
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