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Geneva – The International Air Transport
Association (IATA) has launched the Aviation Carbon Exchange (ACE), an
important new tool to help airlines meet their climate commitments.
ACE is the first centralized, real-time marketplace that
is integrated with the IATA Clearing House (ICH) for the settlement of
funds on trades in carbon offsets.
IATA’s Clearing House ensures that ACE can offer a
seamless and secure settlement system which guarantees payment and delivery
of the carbon credits.
JetBlue Airways is the first airline that made the
historic transaction in the ACE platform.
“Airlines are serious in their commitment to reduce emissions. And they
need a reliable tool to access quality carbon credits in real time. ACE
will be a key tool helping airlines efficiently manage these important
transactions,” said Alexandre de Juniac, IATA’s Director General and
CEO.
Airlines reiterated the industry’s commitment to cut net emissions to half
2005 levels by 2050 in a resolution of the 76th IATA Annual General Meeting
(AGM). A key step is the Carbon Offsetting and Reduction Scheme for
International Aviation (CORSIA) which will deliver carbon neutral growth
for international emissions from 2021. Airlines are also buying carbon
credits as part of individual carrier commitments or to offset domestic
operations.
First Transaction
JetBlue completed the historic first trade on the ACE platform today. It
purchased credits in the first phase of the Larimar wind farm project in
the Dominican Republic which began development in 2015. When the entire
project is completed it will reduce average emissions by more than 200,000
tonnes of CO2 per year.
“Our planet is physically changing, as are the expectations of our
customers, crew, members and investors,” said Robin Hayes, CEO of JetBlue
and Chair of the IATA Board of Governors, noting the importance of
addressing the climate change challenge.
“While our industry’s short-term priorities are focussed on COVID-19
recovery, now is the time to rebuild operations in more sustainable ways
such as adopting Sustainable Aviation Fuels (SAF) and setting clear
strategies to reduce net aviation CO2 emissions. The Aviation Carbon
Exchange will help us continue to meet our climate commitments by providing
simplified and transparent access to legitimate, third-party certified
carbon offsets,” said Hayes.
About ACE
ACE, which has been developed in conjunction with commodities trader
Xpansiv CBL Holding, provides airlines and other aviation stakeholders
(such as airports and aircraft manufacturers) the opportunity to offset
their carbon footprint by purchasing credits in certified projects that
reduce carbon emissions. Carbon reduction programs on ACE include forestry
projects, clean wind energy operations, protection of eco-systems and
remote community-based projects to cut emissions.
The platform will be a key tool for airlines in fulfilling their
obligations under CORSIA which was agreed by governments through the
International Civil Aviation Organization (ICAO) in 2016. After a baseline
adjustment to account for COVID-19 disruptions, CORSIA will effectively
ensure that aviation’s net carbon emissions will not grow above 2019 levels.
This will be achieved through the purchase of high-quality carbon offsets
and closely monitored by governments.
ACE will also be open to airlines wanting to invest in voluntary offsets
outside CORSIA, for example those who have set net zero emissions targets,
and those wishing to offset domestic operations.
“ACE gives airlines access to top quality carbon offsetting schemes in
real-time with full transparency. CORSIA is a key enabler of our long-term
strategy to reduce emissions to half of 2005 levels by 2050, and this new
platform will be of enormous benefit to our members and other industry
stakeholders,” said Sebastian Mikosz, IATA’s Senior Vice President for
Member and External Relations
For more information, please contact:
Corporate Communications
Tel: +41 22 770 2967
Email: corpcomms@iata.org
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