The International Civil Aviation Organization (ICAO) has recently made a pivotal move in the fight against aviation emissions by conditionally approving three major standards for the first phase of its Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). This decision marks a significant step towards realizing the ambitious goal of reducing the aviation industry's carbon footprint on a global scale. CORSIA, aimed at offsetting the growth of international aviation emissions through carbon credits, is a cornerstone in the aviation industry's strategy for achieving carbon-neutral growth.
The standards receiving conditional approval include the United States-based Verra, the Climate Action Reserve (CAR), and the Switzerland-based Gold Standard (GS). This conditional status underscores the readiness of these standards to contribute to CORSIA, albeit with modifications required to meet the scheme's stringent criteria fully. These standards join the Architecture for REDD+ Transactions (ART) and ACR, currently the only entities eligible to supply carbon credits for CORSIA's initial phase. Notably, an issuance of vintage 2021 ART credits by Guyana stands as the sole supply source for the scheme's buyers at present.
The ICAO's directive for these standards to undergo further adjustments before they can fully participate in CORSIA points to the organization's commitment to ensuring the integrity and effectiveness of the carbon offsetting mechanism. The recommendations include the implementation of processes to re-evaluate baselines for carbon projects, enhance security measures in registries, and establish clear guidelines to prevent double-claiming of carbon credits—a critical aspect to maintain the credibility of carbon offsetting efforts.
The conditional approval of these standards highlights the challenges in aligning existing carbon credit mechanisms with the unique requirements of the aviation sector. For instance, Verra is tasked with strengthening its processes around baseline re-evaluation and double-claiming prevention. Similarly, GS is expected to update its security procedures, clarify compensation mechanisms for project reversals, and further develop its approach to avoid double-claiming. CAR's directives focus on enhancing registry functionality and explicitly prohibiting double-selling of carbon credits.
These adjustments are crucial for the standards to provide transparent and reliable carbon credits to airlines, ensuring that CORSIA's objectives are met with integrity. The process also signals to other carbon standards the importance of rigorous criteria to participate in this global scheme, as seen with the invitation for the Brazil-based Social Carbon to re-apply at a later stage.
The conditional approvals and the iterative process of aligning carbon standards with CORSIA's requirements underscore a global commitment to sustainable aviation. As CORSIA moves from its initial phase (2024-2026) to include more countries and standards, its role in driving the demand for high-quality carbon credits becomes increasingly significant. The opt-out of major aviation markets like China and India from the first phase, with plans to join from 2027, also highlights the evolving nature of international participation in CORSIA.
The ICAO's recent actions represent a critical juncture in the journey towards sustainable aviation. By conditionally approving additional carbon standards for CORSIA, the ICAO not only expands the potential for offsetting aviation emissions but also reinforces the need for rigorous environmental integrity within the scheme. As CORSIA evolves, it will continue to play a key role in the aviation industry's broader strategy to achieve carbon-neutral growth, signaling a new era of environmental responsibility in international air travel. This approach, requiring collaboration, innovation, and stringent oversight, paves the way for a more sustainable future in aviation, aligning the industry with global climate goals.