MARRAKECH, November 10 -- The International Emissions Trading Association (IETA) and the Climate Markets and Investment Association (CMIA) are delighted to recognise the International Civil Aviation Organisation as their first Carbon Pricing Champion of 2016.
The award, sponsored by Ecosphere+, was presented at a ceremony in Marrakech.
Last month, ICAO member nations agreed to create the Carbon Offsetting and Reduction System for International Aviation (CORSIA), the first global, sectoral carbon pricing system.
The agreement in Montreal in October was the culmination of years of work, and sets a goal for the aviation industry worldwide of carbon-neutral growth from 2020 onwards.
“This new market will provide a real source of demand for offsets at a time when the markets need to see strong signals from buyers,” Jeff Swartz, international policy director at IETA, said today.
“CORSIA involved hard work from governments, the private sector and with civil society to provide an outcome that’s good for the planet and good for market-based approaches to reduce emissions. We look forward to working with ICAO on implementing the CORSIA.”
Margaret-Ann Splawn, executive director of CMIA, said: “CORSIA is proof of the ability to establish a global sectoral mechanism rather than a purely national market. This new market creates demand for high-integrity offset standards above and beyond those recognised by other cap-and-trade systems such as the CDM. This creates the pathway to expanding the reach of where emissions reductions can come from.”