(Credit: Pixabay)The International Chamber of Commerce (ICC), Perlin, and AirCarbon have formed a partnership to customize AirCarbon’s blockchain based carbon trading platform to facilitate carbon credit schemes to reduce worldwide aviation emissions. Launched on the sidelines of this year’s United Nations Conference on Climate Change (COP 25) in Madrid, the partnership seeks to promote a market-based approach for reducing carbon emissions in the aviation industry globally.
Leveraging ICC’s global network and Perlin’s domain expertise in distributed technology for enterprise, the partnership will seek to facilitate global adoption of the AirCarbon Exchange, which is the world’s first blockchain-based distribution and trading network for CORSIA compliant carbon credits. CORSIA, International Civil Aviation Organization’s Carbon Offset and Reduction Scheme for International Aviation, was signed in Montreal in 2016 by 191 countries.
The announcement comes as CORSIA sets to start in 2021 with 80 countries representing more than 77% of international air traffic voluntarily agreeing to commit to more fuel-efficient aircraft, new direct flight paths, the use of biofuels, and other sustainability measures. As CORSIA continues to expand and shape the aviation industry, the partnership will seek to advance blockchain-backed carbon credit schemes to mitigate future liabilities for people and planet. Once implemented, the CORSIA initiative is expected to provide more than USD $40 billion in funding for climate projects and offset more than 2.6 billion tonnes of C02 emissions between 2021 and 2035.
The partnership has come at a significant moment in history as industry-led initiatives seek to address the growing climate crisis before emissions reach a critical tipping point for irreversible and catastrophic global temperature rises. Based on the substantial growth in commercial air traffic forecast by IATA (with passenger numbers doubling by 2037), the aviation industry alone could consume up to a quarter of the total global carbon budget for limiting global temperature rise to 1.5C by 2050. The partners will seek to directly address the threat posed by significant and growing emissions from aviation by facilitating the efficient and economic sourcing and trade of credible carbon offsets for the aviation industry.
We are currently accepting submissions for the 2020 Environment + Energy Leader Awards. Learn more here.
