The ICAO Council has acknowledged a total of 8 programs as qualified to deliver units to comply with compensation requirements under the rigorous quality standards in the 2021-2023 CORSIA pilot phase.
The implementation of the International Aviation Carbon Offsetting and Reduction Scheme (CORSIA) will enable the states and the stakeholders to better gather information about the development of carbon markets through the new data and analysis Agreement between the ICAO and Forest Trends' Ecosystem Marketplace (EM).
With ICAO, the States agreed on CORSIA, which for any industry is the first worldwide market measure. Complementing a wider package of air transport CO2 reduction initiatives, including technologies, operational improvements, and sustainable fuels helps to realize the aspiring objective of the States for carbon-neutral growth by requires the acquisition of high-quality emission units by 2020.
The ICAO Council has acknowledged a total of 8 programs as qualified to deliver units to comply with compensation requirements under the rigorous quality standards in the 2021-2023 CORSIA pilot phase.
Under this Agreement, EM will submit data on CORSIA-eligible CORSIA emission units' carbon market transactions and analyze them. While the integrity of CORSIA is ensured by the unit eligibility requirements rather than market or price criteria, it will enhance the transparency, market, and societal confidence of CORSIA, and therefore assist ICAO to advise the Member States and other stakeholders.
This information will also assist State regulators to understand better the consequences of CORSIA on their aviation industries as the industry starts recovering, following the measures taken by the ICAO Council to safeguard the CORSIA pandemic.
This agreement should publish the first details at the end of August 2021.
The Council welcomes this Agreement on the Ecosystem Marketplace, which aims to address expectations on reliable data and analysis regarding the status and development of the related carbon markets," stressed ICAO Council president Mr. Salvatore Sciaacchitano. "Transparedness has been fundamental for CORSIA in design and implementation from its inception. "We view CORSIA and other measures by ICAO contributing to the aviation industry' increasingly voluntary commitments to ambitious climate targets including net-zero objectives."
Stephen Donofrio, Director, Ecosystem Market, stated "We are encouraged by this new relationship, which signals a major milestone in Ecosystem MarketpLand and the aviation sector. "Corsa's market data will give significant insights as carbon markets develop, as a worldwide system regulated by a model of regulatory compliance. The resultant clarity of this agreement will play a significant role in the decarbonization process of this sector, including the emergence of complementing voluntary activities." Ecosystem Marketplace is a forest trends non-profit project which focuses on knowledge and openness on environmental markets.