The subject of ESG — environmental, social and governance — disclosure and how airports are responding to the issues presented by these factors has become of great interest in the last few years. This paper will help familiarise airport managers and others with the concepts behind ESG and what these factors mean at an airport; discuss the reasons why an airport might want to provide ESG guidance to a wider audience; and review the potential risks and liabilities associated with ESG reporting, including a review of the application of US securities laws to disclosure regarding ESG, either formally through an official statement in connection with an issuance of bonds or less formally through an ESG report or by other means. ESG reporting has been driven, in large part, by the growth of funds and other investors who are seeking to invest primarily in securities issued to finance sustainable infrastructure and/or in entities that are working to achieve socially driven goals. It provides a very different scope of review of an airport's operations, focusing primarily on the external impacts of those operations on the environment, on affected communities and on how the entity operates within its regulated environment.