Case Study: Japan Airlines advances carbon-neutral aviation with Sustainalytics' second-party opinion

Japan Airlines issues aviation’s first transition bond with Sustainalytics

Japan Airlines (JAL), a major international airline, sought to fund its commitment to reducing aircraft emissions and achieving net-zero by 2050. The carbon-intensive airline faced the challenge of financing its sustainability transition in a credible way that would align with market principles and attract investors. JAL engaged Sustainalytics for its second-party opinion service to validate its innovative approach.

Sustainalytics provided a Second-Party Opinion (SPO) that confirmed the alignment of JAL's transition bond framework with market guidelines, making it the aviation industry's first such bond. This endorsement from Sustainalytics added significant credibility and generated strong interest from investors. As a result, Japan Airlines successfully used the bond proceeds to purchase a more fuel-efficient fleet, directly advancing its decarbonization goals.

Japan Airlines