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 fourth-busiest airport in the world and second busiest in the United States, was named a top-10 U.S. airport by SKYTRAX. LAX served more than 87.5 million passengers in 2018 and offers an average of 700 daily nonstop flights to 109 cities in the U.S. and 1,281 weekly nonstop flights to 93 markets in 47 countries on 69 commercial airlines. LAX ranks 10th in the world in air cargo tonnage processed, with more than 2.4 million tons of air cargo. LAX handled 707,883 operations (landings and takeoffs) in 2018.
LAX generated 620,600 jobs in Southern California, with labor income of $37.3 billion and economic output (business revenues) of more than $126.6 billion, according to an economic study based on 2014 operations. This activity added $6.2 billion to local and state revenues and $8.7 billion in federal tax revenues. The study also reported that LAX’s ongoing capital improvement program creates an additional 121,640 annual jobs with labor income of $7.6 billion and economic output of $20.3 billion; $966 million in state and local taxes; and $1.6 billion in federal tax revenues.
LAX was honored as having the “Best Overall Customer Service Program” by Airports Council International-North America; named the “Best Airport for Breastfeeding Moms” by Mamava; selected for the Top 10 “Best of the U.S.’s Big Airports” (Wall Street Journal) and “Most Pet-Friendly Airports in the U.S. (Mental Floss); named the second-most improved airport in the U.S. by JD Power; received an “Innovation Award” from the L.A. Better Business Challenge for its Central Utility Plant; and named a “Business Leader in Air Quality” by the South Coast Air Quality Management District.
LAX is also the second-most popular airport in the world to appear on Instagram, according to wego.com. LAX is part of a system of two Southern California airports – along with Van Nuys general aviation – that are owned and operated by Los Angeles World Airports, a proprietary department of the City of Los Angeles that receives no funding from the City’s general fund.
For more information about LAX, please visit www.flyLAX.com or follow on Twitter @flyLAXAirport, on Facebook at www.facebook.com/LAInternationalAirport, and on YouTube at www.YouTube.com/laxairport1
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