GAP Soars Past Emissions Target, Validating Green Finance Credentials

GUADALAJARA, Mexico – March 23, 2026 – Grupo Aeroportuario del Pacífico (GAP), a major operator of airports in Mexico and the Caribbean, has successfully met a critical environmental target tied to its sustainability-linked bonds. The company announced it has received independent assurance confirming a 25% reduction in its absolute Scope 1 and Scope 2 greenhouse gas emissions, a goal it achieved by the end of 2025 against a 2019 baseline. This achievement, verified by KPMG and Ruby Canyon, not only prevents a costly penalty on five series of its bonds but also sends a powerful signal of credibility to the burgeoning, yet often scrutinized, market for sustainable finance.

A Victory for Verified Sustainability

The accomplishment is a significant milestone for the integrity of sustainability-linked bonds (SLBs), a financial instrument that has seen explosive growth alongside rising concerns about "greenwashing." Unlike traditional green bonds, which fund specific environmental projects, SLBs link financial terms—typically the interest rate—to the issuer's achievement of company-wide sustainability goals. For GAP, this meant tying the performance of its “GAP 22L,” “GAP 23L,” “GAP 23-2L,” “GAP 24L,” and “GAP 24-2L” bonds to its decarbonization promise. Had the company failed, it would have faced a "step-up" clause, forcing it to pay a higher coupon rate to investors as a penalty.

By meeting its Key Performance Indicator (KPI), GAP avoids this financial penalty, securing a more favorable cost of capital. More importantly, by subjecting its performance to the scrutiny of independent auditors, the airport operator provides tangible, verifiable proof of its commitment. This is a crucial step in building trust with investors who are increasingly demanding accountability alongside corporate ESG promises.

Decarbonizing the Tarmac

Achieving a 25% reduction in emissions—which include Carbon Dioxide (CO2), Methane (CH4), and Nitrous Oxide (NOx)—is no small feat for an airport operator. The aviation sector is widely considered one of the most challenging industries to decarbonize. GAP’s success spans its entire portfolio, including 12 airports in Mexico’s Pacific region, such as major hubs in Guadalajara and Tijuana, and two international airports in Jamaica. This progress is rooted in a broader, long-term environmental strategy. The company’s sustainability reports outline ongoing initiatives to curb energy consumption through automation and smart lighting, improve water stewardship with low-flow equipment and wastewater treatment, and implement comprehensive waste reduction programs. All of GAP's airports in Mexico and Jamaica participate in the global Airport Carbon Accreditation (ACA) program and hold certifications for integrated environmental management systems (ISO 14001:2015), underscoring a systematic approach to reducing its environmental footprint.

The Auditors' Stamp of Approval

The credibility of GAP’s announcement rests heavily on the independent assurance process. KPMG Cárdenas Dosal, S.C., a member firm of the global professional services giant, provided a limited assurance report in accordance with the International Standard on Assurance Engagements (ISAE) 3000. While "limited assurance" is a lower bar than a full audit, it still requires rigorous procedures to determine if any evidence suggests the company's claims are materially misstated. KPMG concluded that nothing had come to its attention to suggest the KPI was not achieved.

The underlying emissions data was verified by Ruby Canyon, a respected firm specializing in greenhouse gas accounting, now part of the global testing and certification organization TÜV SÜD. Ruby Canyon’s expertise in international standards like the GHG Protocol and ISO 14064 ensures the foundational data is robust. This two-tiered verification process provides a crucial layer of confidence that GAP’s reported reduction is not just a corporate claim but a measured reality.

A Competitive Green Landscape in Latin American Aviation

GAP's achievement places it firmly within a competitive regional push for sustainability, though the landscape is complex. Other major Mexican operators are also making significant strides. Grupo Aeroportuario del Centro Norte (OMA), for instance, has reported a dramatic 91% cut in its Scope 1 and 2 emissions from a 2018 baseline, largely driven by a major power purchase agreement for wind energy. While direct comparisons can be misleading due to different baseline years and reduction strategies, it highlights the increasing ambition across the sector. The broader Latin American aviation industry faces a monumental task, with air travel demand projected to triple by 2050 while the sector simultaneously targets net-zero emissions. GAP's verified 25% reduction is a concrete step toward this long-term goal, demonstrating that measurable progress is possible even in a high-growth, hard-to-abate industry.

Beyond the Balance Sheet: Attracting ESG Capital

For GAP and its investors, the implications extend far beyond avoiding a coupon step-up. In an investment world wary of ESG rhetoric without results, this verified success serves as a powerful differentiator. It validates the company’s sustainability-linked financing framework, making its bonds, and the company itself, more attractive to the rapidly growing pool of ESG-focused capital. Research has increasingly shown a correlation between strong, demonstrable ESG performance and a lower perceived financial risk, which can translate into a lower cost of debt over the long term.

By delivering on its promise, Grupo Aeroportuario del Pacífico not only strengthens its financial standing but also burnishes its reputation as a leader in sustainable airport management. This commitment is further reflected in the company's forward-looking adoption of new disclosure standards, such as IFRS S1 and S2, signaling an intent to maintain a high degree of transparency in its ongoing sustainability journey.