Environmental credit risk has doubled for a large portion of high-emitter industries since 2015, a Moody's report finds.

Why it matters: Moody's identified 16 industries that collectively hold roughly $4.3 trillion in rated debt that are most exposed to environmental risks, Megan reports.

Context: The risk categories include carbon transition risk, physical climate risk, waste and pollution risk, natural capital risk and water management risk.

By the numbers: The $4.3 trillion in rated debt represents a 27% increase in debt facing heightened environmental risk from Moody’s 2020 heat map. It is a 109% increase since the Paris Agreement was signed in 2015.

• Airlines, in particular, moved from moderate risk to high risk since 2020. The report states that future regulations will have a negative impact on airlines' operating costs that won't pass through to passengers due to the increased competition in the industry.

The bottom line: "Environmental credit risk will continue to grow as the transition to a low-carbon economy proceeds apace and the adverse effects of physical climate change become more evident," the report states.