汇丰银行-全球-航空业-气候变化正影响航空业-2019.9.10-36页.pdfVIP免费

Disclaimer&DisclosuresThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankplcViewHSBCGlobalResearchat:https://www.research.hsbc.comTransportaccountsfor16%ofGHGs–andairlinesareoneofthehardestmodestodecarbonise,butpressureisgrowingInthiscollaborationbetweenourairlines,ESGanddatascienceteams,weconsidertheresponseofEUandUSairlinesWefinda2019spikeinclimatediscussionsinearningscalls,withemissionsdisparitiesbetweenlowcostandlegacycarriersIncreasingfocusonairlinestocontributetoclimateambition:Policy-makersareincreasingtheirfocusoncuttingtransportsectoremissions.Asapartofthispush,theCORSIArulestarget2020astheintendedpeakyearforaviationemissions.Thisregulatorypushisbeingmatched,inouropinion,byincreasingpublicpressureandthegreaterfocusweareseeingfrominvestorsonhowclimatechangeisbeingaddressedbyportfoliocompaniesoperatingacrosstheeconomy.Climateissuddenlyahottopic:WeuseNaturalLanguageProcessingtoolstoshowthatclimatechangehasbeendiscussedonairlineearningscallsfarmorefrequentlyduring2019thaninpreviousyears(Chart1below).Clearly,thecombinationofregulatoryandpublicpressurehasmadethisamaterialsubjectforinvestors.However,thesediscussionshavenotbeenequallyspreadamongstairlines–EuropeanairlineshavediscussedclimatechangefarmorefrequentlythantheirUScounterparts.Achallengeforaviationthatisgreatestforlowcostcarriers(LCCs):Wereviewarangeofenvironmentmetrics.LCCsproducelowCO2perRPK,butnotablyhighlevelsofCO2perEUR.LCCenvironmentalperformanceimprovesmoreslowlythanlegacyairlinesandtheabsolutegrowthinLCCemissionsisveryhigh.Theenvironmentposesachallengeforthewholeaviationindustry,butweseethechallengetobegreatestforlowcostairlines.AndrewLobbenberg*AnalystHSBCBankplcandrew.lobbenberg@hsbcib.com+442079916816MarkMcDonaldHeadofDataScienceandAnalyticsHSBCBankplcmark.mcdonald@hsbcib.com+442079915966AshimPaunCo-Head,ESGResearch;ClimateChangeStrategistHSBCBankplcashim.paun@hsbcib.com+442079923591*...