AerCap N : Corporate Responsibility Report (Corporate Responsibility Report for 2024)
AER
CORPORATE RESPONSIBILITY REPORT
FOR THE YEAR 2024
April 24, 2025
OVERVIEW
CARE FOR OUR ENVIRONMENT
CORPORATE CITIZENSHIP
WORLD-CLASS GOVERNANCE
REPORTING APPROACH
2
AIR TRANSPORT - THE $4.1 TRILLION IMPACT
AerCap plays a key role in supporting the global air transport industry, a sector that supported 86.5 million jobs and contributed $4.1 trillion to Global GDP in 2023
Aviation contributes to the growth, affordability, and accessibility of air travel by enabling airlines to connect communities around the world
With ~300 customers and a portfolio consisting of over 3,500 aircraft, engines, helicopters that are owned, managed or on order, AerCap is the industry leader across all areas
of aviation and we actively support our customers in their decarbonization efforts
58%
33%
61.4
$8
INTERNATIONAL
WORLD TRADE
MILLION TONNES/
TRILLION CARGO/
Air transport carries
TOURISTS
FREIGHT
VALUE
Percentage of international
around 33% of world
Tonnes of freight
Value of cargo handled
trade by value and less
tourists who travel by air
handled by air, 2023
by air, 2023
than 1% by volume
86.5
$4.1
3.9%
3x
TRILLION ECONOMIC
Globally, each aviation
MILLION JOBS
IMPACT
GDP
job generated €92,000
Jobs supported by
Aviation's total global
Global GDP
in gross value added
economic impact including
supported
(GVA). Aviation jobs are
aviation worldwide
direct, indirect, induced
by aviation
on average 3 times more
and tourism catalytic
productive than other jobs
See Supplemental Information - Endnotes
OVERVIEW
CARE FOR OUR ENVIRONMENT
CORPORATE CITIZENSHIP
WORLD-CLASS GOVERNANCE
REPORTING APPROACH
3
CELEBRATING 50 YEARS OF FLIGHT
AerCap has become the global leader in aviation leasing through carefully planned organic growth and decisive industry-transforming acquisitions, combined with five decades of experience
We are the partner of choice to hundreds of the world's most successful airlines as the industry continues its journey to achieve net-zero aviation
We play a critical role in supporting the global air transport industry
CELEBRATING 50 YEARS OF FLIGHT
2025 marks a significant milestone for the aircraft leasing industry and for AerCap, as we celebrate 50 years since the industry was founded in Ireland in 1975
The aircraft leasing industry in Ireland traces its origins back to Guinness Peat Aviation, which was established in Shannon, County Clare in 1975
During the 1980s, GPA became the world's largest commercial aircraft lessor. Many GPA employees subsequently went on to found or work for other aircraft lessors, including AerCap (a successor company of GPA), GECAS (which was acquired by AerCap from GE in 2021), and ILFC (which was acquired by AerCap from AIG in 2014)
Over the past five decades, Ireland has become the global hub for commercial aviation leasing and financing
Today, approximately 50% of the world's commercial aircraft fleet is leased, and Irish lessors own and manage ~$150 billion of assets1
AerCap is the largest owner of commercial aircraft in the world with a portfolio of over 3,500 assets, including aircraft, engines and helicopters, and an order book of the most in-demand new technology aviation assets
See Supplemental Information - Endnotes
CONTENTS
01 OVERVIEW
ESG Committee Chair & CEO Message
6
About AerCap
7
Corporate Responsibility Highlights for 2024
8
Our Approach to ESG Risk Factors
9
Aligning Our Actions with the UN's
10
Sustainable Development Goals
02 CARE FOR OUR ENVIRONMENT
Decarbonization of Aviation Remains Essential
14
Net-Zero 2050 - AerCap Considerations
15
Fleet Transformation & Carbon Intensity
16
Reduction
Progressively Modernizing our Fleet
17
Circular Economy and Aviation
18
Cargo Conversion Programs
19
Milestone - Supporting Climate Change
20
Adaptation
Efficient AerCap Office Operations
21
Funding of Emissions Reduction Projects
22
Carbon Emissions Disclosures
23
Scope 3 Emissions 2023 v 2024
25
03 CORPORATE CITIZENSHIP
Our Employees
27
Our Employee Engagement Program
29
Supporting Education
30
Corporate Social Responsibility Outreach
31
04 WORLD-CLASS GOVERNANCE
AerCap's Board of Directors
36
ESG Governance Structure
40
Ethics and Compliance
41
Privacy and Data Protection
45
Information Security
46
Risk Management
47
Transparent Tax Policies
48
05 REPORTING APPROACH
AerCap's Leading Role in Policy Collaboration
50
Our Stakeholder Mapping & Engagement Approach
51
ESG Rating Agencies
56
Climate Related Regulatory Disclosures
57
Materiality Assessment
58
GRI Content Index
60
Supplemental Information
68
Reporting Period
This report covers AerCap's 2024 financial year from January 1, 2024 to December 31, 2024
Reporting Scope
Information in this report covers AerCap Holdings N.V. and all of our consolidated subsidiaries (which are listed in Exhibit 8.1 of our 20-F), unless specified otherwise
Reporting Process
We follow the recommended reporting principles of stakeholder inclusiveness, sustainability context, significance and completeness
This report is produced with reference to the GRI Standards
We value our stakeholders' input and welcome feedback on this report or any aspect of our ESG approach
Contacts:
ESG
Media
Donal Handley
Gillian Culhane
Head of Government Affairs
Head of Corporate Communications
& Sustainability
& Marketing
01
OVERVIEW
OVERVIEW CARE FOR OUR ENVIRONMENT CORPORATE CITIZENSHIP WORLD-CLASS GOVERNANCE REPORTING APPROACH
A MESSAGE FROM OUR COMMITTEE CHAIR & CEO
6
Dear Stakeholders,
It is with great pleasure that we present AerCap's Corporate Responsibility Report covering the year 2024.
Despite various geopolitical developments and associated policy changes, the air transport industry remains broadly committed to achieving net-zero carbon emissions and AerCap continues to play an important role in supporting its customers in meeting their ambitions.
AerCap has been powering global air transport for over 50 years and we are proud to be the partner of choice to hundreds of the world's most successful airlines as the industry continues its journey to achieve net-zero aviation.
Currently, the most significant contributor to aviation decarbonization is fleet renewal. AerCap plays a leading role by investing in the most fuel-efficient, new-technology aircraft. In the last decade, we have invested ~$55 billion in new-technology aircraft - more than any airline or lessor1. This investment has led to a 17% reduction in gCO2 per seat/km across our fleet, notwithstanding our doubling in size through M&A2.
In 2024, we completed purchases of 150 assets, including 92 fuel-efficient aircraft, and sold 166 assets, including 98 aircraft with an average age of 15.3 years, which further improved our Scope 3 emissions intensity by ~2% across our fleet.
In April 2025, we achieved our new technology aircraft target of 75% set in 2021. We are pleased to announce that AerCap has set an ambitious new target to achieve 85% new technology assets by 2030, including aircraft, engines and helicopters - an industry first3.
Beyond fleet renewal, AerCap is also continuing to collaborate with industry partners and policymakers to explore, advocate and support progress towards net-zero aviation through key areas such as:
Last year, we mitigated 100% of our own unavoidable Scope 1, 2, and 3 (business travel) emissions, achieving the goal we established in 2021 to meet by 2024. We also further reduced our unavoidable emissions by ~12%.
Our Board-level ESG Committee met four times during 2024, monitoring the implementation of our work program. By identifying areas where we can maximize our impact and by proactively addressing key risks and opportunities, we aim to drive meaningful change within our industry.
With ~700 high-caliber skilled aviation professionals, we have an unrivaled level of expertise. We are proud of our high-performance culture, which is built on the values of Ambition, Excellence and Respect.
We believe that true success is built upon a foundation of trust and integrity, and we endeavor to create an environment where our people feel included and empowered to do their best work and reach their full potential.
We strive to conduct our business in an honest and responsible manner and to build and maintain long- term, mutually beneficial relationships with our customers, suppliers, shareholders, employees and other stakeholders.
These values contribute to sustainable long-term value creation for AerCap and its stakeholders and are further specified in our code of conduct and our ethics-related compliance policies, procedures, trainings and programs. Ethical behavior is strongly promoted by the senior leadership team.
In 2024, AerCap, together with its employees, donated over $900,000 to 50 local, national and international charities and organizations across various causes.
Our commitment to corporate responsibility is duly acknowledged by ratings agencies with further upgrades secured in 2024.
As we move forward, we wish to extend our sincere gratitude to our valued stakeholders for their unwavering support. Together, we will continue shaping a more sustainable and prosperous future for AerCap and the aviation industry as a whole.
Aengus Kelly
Stacey Cartwright
AerCap CEO
ESG Committee Chair
AerCap has been
powering global air
" transport for over 50
years and we are proud
to be the partner of
choice to hundreds of the
world's most successful
airlines as the industry
continues its journey to
"
achieve net-zero aviation
ABOUT AERCAP
7
UNRIVALED LEADER IN AVIATION
3,525 Assets
With total assets of ~$71 billion and a fleet of ~1,700 aircraft, over 1,000 spare engines, and over 300 helicopters, our unmatched team of aviation experts is leading and shaping the aviation leasing industry¹
LONG-TERM INVESTMENT STRATEGY
Entire Asset Lifecycle
We engage across the entire asset lifecycle (~25 years), including order-books, sale & leasebacks, operating leases, finance leases, purchasing, sales transitioning, repurposing (cargo conversion/helicopter adaptation), part-out, and final decommissioning
GLOBALLY DIVERSE REACH
OEM partnerships & ~300 active customer relationships
We are a strategic partner to Original Equipment Manufacturers ("OEMs") and airlines globally; AerCap has taken delivery of more aircraft than any other airline or lessor, in the last decade
TRANSITIONING TO A GREENER FLEET
~$55 billion invested in new technology aircraft since 20142
We are at the forefront of the transition to new technology, having invested ~$55 billion in new technology aircraft since 2014, thereby lowering the operating costs and carbon emissions of our airline customers
ATTRACTIVE ORDER BOOK
~300 new technology aircraft & >200 new technology engines3
Our order book is comprised exclusively of the most in-demand, fuel-efficient, new technology assets, around which airlines are building their future fleets
HIGH-CALIBER TEAM
~700 skilled aviation professionals
With 50 years of experience dating back to the founding of the aircraft leasing industry, AerCap has an
See Supplemental Information - Endnotes
unrivaled level of expertise; our ongoing commitment to the development of our employees is a key tenet
of our success
OVERVIEW
CARE FOR OUR ENVIRONMENT
CORPORATE CITIZENSHIP
WORLD-CLASS GOVERNANCE
REPORTING APPROACH
8
CORPORATE RESPONSIBILITY HIGHLIGHTS FOR 2024
AerCap continues to make progress on key environmental sustainability, social responsibility and governance matters
STRONG ESG
RATINGS - MSCI & SUSTAINALYTICS1
Strong ESG focus highlighted
and acknowledged by
ratings agencies; AerCap has maintained a "AA" ESG rating from MSCI, with strong governance a key rating positive for the company,
in addition Sustainalytics
improved its rating for AerCap from "Medium Risk" to "Low Risk" level in May 2024
COLLABORATION REMAINS AT THE FOREFRONT
Providing a unique level of
engagement, collaboration and cooperation across the entire aviation ecosystem through our Government Affairs & Sustainability function
Continuous engagement with policymakers, industry stakeholders (OEMs, airlines and trade bodies) at the global, regional and national level
DEFINING
OUR~85% NEW
TECHNOLOGY
ASSETS TARGET2
AerCap's Board-level ESG
Committee set a new
ambitious target for AerCap to achieve a target of ~85% new technology assets by 2030, including aircraft, engines and helicopters - an industry first
Completed the purchase of 92 fuel-efficient aircraft and sold 98 aircraft with an average age of 15.3 years, which improved our Scope 3 emissions intensity by ~2% across our fleet
STRONG ESG GOVERNANCE
AerCap's Board-level ESG
Committee provides oversight of ESG risks and opportunities at the highest level
In 2024, our Board-level ESG Committee met four times. ESG factors are a key consideration in our Board and management's decision- making process
CORPORATE
SOCIAL
RESPONSIBILITY
In 2024, AerCap, together
with employees, donated over $900,000 to 50 local, national and international charities and organizations across various causes
MITIGATING
THE EMISSION AERCAP HAS CONTROL OVER
In 2024 AerCap mitigated
100% of its unavoidable Scope
1 and 2 emissions (achieving the goal we established in 2021 to achieve by 2024)
We further reduced our unavoidable emissions by ~12% through the increased electrification of the leased car fleet and the increased use of renewable electricity
See Supplemental Information - Endnotes
OVERVIEW
CARE FOR OUR ENVIRONMENT
CORPORATE CITIZENSHIP
WORLD-CLASS GOVERNANCE
REPORTING APPROACH
9
OUR APPROACH TO ESG RISK FACTORS
ENVIRONMENTAL
RELATED RISKS
Indirect Physical Risks
AERCAP APPROACH
Indirect Transition Risks
See Supplemental Information - Endnotes
OVERVIEW
CARE FOR OUR ENVIRONMENT
CORPORATE CITIZENSHIP
WORLD-CLASS GOVERNANCE
REPORTING APPROACH
10
OUR APPROACH TO ESG RISK FACTORS
SOCIAL
RELATED RISKS
Internal Risks
Downstream Risks
Upstream Risks
AERCAP APPROACH
See Supplemental Information - Endnotes
Disclaimer
AerCap Holdings NV published this content on April 23, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 09:31 UTC.