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Four years after the European Union tried and failed to impose its Emissions Trading System (ETS) on the rest of the world, the International Civil Aviation Organisation (ICAO) has made good on its promise to deliver an alternative scheme for tackling cross-border pollution.
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), finalised at ICAO’s 39th Assembly in Montreal in October, commits the industry to an “aspirational goal” of carbon-neutral growth from 2020 onwards. Unlike the ETS, which would have capped carbon emissions in real terms, CORSIA adopts a carbon offsetting approach that mitigates higher emissions through investment in environmental projects approved by the United Nations (UN)...
