New York-based Kroll Bond Rating (KBRA) said environmental, social, and governance (ESG) had become a "core issue" for airports, with some "more vulnerable to environmental risks than others".
Location, KBRA said in a report, "plays an outsized role" in determining environmental risks. But regardless of location-related concerns, all airports need to have "action plans" that in some cases come with "sizeable associated capital costs" to address social and governance challenges.