Geneva – The International Air Transport Association (IATA) marked the tenth anniversary of the International Civil Aviation Organization (ICAO) assembly resolution to establish the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) with a call to governments to reinforce the foundations of this landmark step in aviation's decarbonization.
Adopted at the 2016 ICAO Assembly, CORSIA established the first global market-based measure for an industrial sector and was an important follow-up to the Paris Agreement a year earlier.
Today, more than 130 countries participate in CORSIA, and by the end of this year, the scheme is expected to have mitigated approximately 200 million tonnes of CO2. From 2027, it is estimated CORSIA will cover approximately 85% of global emissions. Through to the end of the scheme, up to $120 billion could be mobilized in climate finance to support emissions reduction and carbon removal projects globally. (....)