London: Low-cost carrier Cebu Pacific (CEB) bagged the Sustainability Aviation Lease Deal of the Year award at the 2025 Airline Economics Sustainability Deals Awards in London. The award given on Sept. 17 (London time) recognized CEB's sustainability-linked Japanese Operating Lease with Call Option (JOLCO), which financed the delivery of a brand-new Airbus A321neo in December 2024.

According to Philippines News Agency, it was the only low-cost carrier in Southeast Asia that was able to secure such type of financing. The A321neo acquired through the JOLCO financing is part of CEB's long-term strategy to transition to an all-New Engine Option (NEO) fleet, an important step in its commitment to decarbonize operations. This type of aircraft is 20 percent more fuel-efficient than older-generation aircraft, significantly reducing carbon emissions per flight.

Under the deal, CEB committed to measurable targets to reduce the carbon emission intensity of its fleet. Meeting these goals would entitle the airline to financial incentives. The Airline Economics Sustainability Awards honors companies and individuals in finance and leasing that drive meaningful progress in decarbonizing the aviation industry. CEB chief executive officer Mike Szucs received the award at the Natural History Museum in Cromwell Road, London.