Japan Airlines Co., Ltd. (“JAL”) has decided to issue its second transition bond ("the bond") today.

In March 2022, JAL issued the world's first transition bond in the aviation industry and was the first in the Japanese aviation industry to be selected as a model case for the Ministry of Economy, Trade and Industry's "Climate Transition Finance Model Project"(*). In accordance with the "Transition Bond Framework" formulated for the previous transition bond issuance, JAL will issue the bond.

JAL will continue to accelerate its efforts towards promoting transition in the air transport business and achieving ultimate decarbonization through ESG finance.

* Regarding the eligibility of the framework, JAL has obtained a second party opinion from Sustainalytics, a third-party evaluation agency, stating that it conforms to various criteria related to transition bond issuance. URL for the Transition Bond Framework:
URL for the second party opinion published by Sustainalytics:

1. Overview of the Bond


2.  Use of the Proceeds the Bond

JAL plans to allocate the net proceeds of the Bond to new investments for upgrading to fuel-efficient aircraft (Airbus A350, Boeing-787, etc.), and to refinancing existing investments.

By upgrading to fuel-efficient aircraft, JAL will accelerate efforts to achieve its CO2 reduction targets for fiscal years 2025 and 2030 (Less than fiscal year 2019,10% less compared to fiscal year 2019), the interim stages toward its overall target of net-zero emissions by 2050.


Note: This notification has been prepared for the purpose of publicly announcing JAL’s issuance of Transition Bonds, and not for the purpose of soliciting investment or engaging in any other similar activities.