The governments of Guyana, Madagascar, the United Kingdom, Zambia, and Zimbabwe, have signed the Aviation Carbon Market Compact and joined the Supporting Alliance created by the International Air Transport Association (IATA).
The Alliance aims to raise awareness of the need for market action, and to help scale the supply of high‑quality emissions units for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). There are now 50 entities participating in the Alliance.
The International Emissions Trading Association (IETA) and the Verified Carbon Market Collaborative, data partner Sylvera, and Airbus have also joined and are providing technical and financial support to the Alliance’s activities.
These include:
- Pooling resources and expertise in a targeted way, with practical support and implementation assistance to boost the supply of eligible emissions units (EEUs) as rapidly as possible.
- Facilitating and enabling countries’ management of the interface between their Nationally Determined Contributions under the United Nations Framework Convention on Climate Change (UNFCCC) and the process required to make carbon credits available for use under CORSIA.
- Improving countries’ access to carbon markets and related resources, including carbon finance.
“The CORSIA Supporting Alliance demonstrates tremendous determination across the full spectrum of market participants to work together,” says Marie Owens Thomsen, IATA chief economist and senior vice president for sustainability. “We need to ensure that EEUs can be brought to market with the speed and scale required.”
Alexia Kelly, director of the Carbon Policy and Markets Initiative at High Tide Foundation, representing the Verified Carbon Market Collaborative, says: “With CORSIA now coming into force, the global community has an unprecedented opportunity to channel capital toward impactful climate action.
“This new framework for increasing the supply of high-integrity compliance carbon credits for international aviation reflects years of progress in improving carbon market integrity, transparency, and governance, while helping establish the trusted infrastructure the aviation sector needs to make essential climate progress. The Supporting Alliance’s plan to provide targeted, coordinated assistance for host countries to authorize credits and open access to carbon markets is timely and essential and High Tide is delighted to support efforts to make sure we don’t miss this moment.”
About the Alliance Participation
The Compact signatories and Supporting Alliance members include:
- Governments: Guyana, Madagascar, the United Kingdom, Zambia, Zimbabwe.
- Carbon market stakeholders: Acelen, Aither Group, Artio, CFC, Climate Action Reserve, Climate Impact X, Ecoeye, Econetix GmbH, Gold Standard, Guangzhou Iceberg, Gunvor, ICE, IETA, Kita, Korea Carbon Management Ltd, Mitsubishi Research Institute, Oka, Planethos, Project Developer Forum, Resilient LLP, South Pole, Sylvera, UpEnergy, Verified Carbon Market Collaborative, Vitol, Xpansiv, and WeAct.
- Airlines and other aviation stakeholders: Air Asia, Air France-KLM, All Nippon Airways (ANA), Austrian Airlines, China Airlines, Corsair, Egyptair, IAG, Japan Airlines, KM Malta Airlines, Lufthansa Group, Pegasus Airlines, Qatar Airways, Scoot, Singapore Airlines, SWISS, along with the Arab Air Carriers’ Organization and Airbus.
- Implementation Assistance Sponsors: Airbus, IETA and the Verified Carbon Market Collaborative.
- Data partner: Sylvera.Further governments and stakeholders are expected to join the initiative as momentum builds, strengthening its role in accelerating the availability of CORSIA EEUs.
* For more information on CORSIA Eligible Emissions Units (EEUs), click here.