CORSIA—the Carbon Offsetting and Reduction Scheme for International Aviation—will be in the spotlight when the 42nd Assembly of the International Civil Aviation Organization (ICAO) gets underway later this month. In this blog Marie Owens Thomsen, IATA Senior Vice President Sustainability & Chief Economist, highlights the critical importance of CORSIA to help decarbonize the air transport industry.
While it was created and endorsed by Member States at the 2016 Assembly as the sole economic measure to mitigate the impact of international flying, it requires their continued support to make it a success.
You are welcome to quote from this blog or to republish it.
Key quote:
“Taking advantage of CORSIA to create a win-win-win-win situation should be a no-brainer: it helps countries generate much-needed climate finance, it channels airline decarbonization efforts into certifiable emission reductions, it helps countries with their commitments under the Paris Agreement, and contributes to improved socio-economic outcomes for all involved.”
Key points from the blog include:•
- CORSIA requires airlines to purchase and cancel “emissions units” to offset their emissions over and above 85% of 2019 emissions. Operationally, it can be done by using CORSIA-eligible fuels or by buying carbon credits (Eligible Emissions Units, EEUs) that are generated from projects that reduce CO2 emissions.
- The States that agreed to create CORSIA oblige airlines to buy EEUs but States are not obliged to provide them. Therein lies the key challenge: there are not enough EEUs on the market for airlines to purchase and paradoxically, without sufficient EEUs, it will be challenging for airlines to meet their CORSIA obligations.
- The key message from the airline industry to the ICAO Assembly is that following a “global standard” approach is the only way to solve the net zero carbon emissions challenge. That means making CORSIA a success, and supplying the market with sufficient EEUs.
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