In the skies above Japan, sharp-suited businessmen sit back, loosen their ties and take a sip of champagne as their aircraft climbs to 30,000 feet. At the same time, in a village in Tanzania, a family buzzes around their thatched roof home, their evening meal stewing on the cookstove. These two scenes may seem far apart. But they are linked together thanks to one of the latest schemes in the carbon market.
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is the airline industry’s response to pressure to address its climate impact. Under CORSIA, developed by the International Civil Aviation Organization (ICAO), airlines are required to monitor and report emissions from international flights. By January 2028 they will need to have emission offsets that exceed benchmarks over the 2024-26 period, through purchasing carbon credits.
First global framework
The scheme marks the first time an international industry has agreed a global framework for tackling its emissions. It is also a major shift from the voluntary carbon market. Rather than purchasing credits for altruistic reasons, airlines will have a regulatory obligation to offset emissions from international flights.
