CORSIA’s Phase 1 Updates: Approval of 6 Carbon Credit Standards
The aviation industry is one of the major contributors to greenhouse gas emissions, accounting for approximately 2% of global CO2 emissions. In an effort to mitigate the environmental impact of air travel, the International Civil Aviation Organization (ICAO) introduced the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). CORSIA aims to stabilize net CO2 emissions from international aviation at 2020 levels by requiring airlines to offset their emissions through the purchase of carbon credits.
As part of CORSIA’s Phase 1, which began in 2021, airlines are required to offset their emissions on routes between participating countries. To facilitate this process, the ICAO has approved six carbon credit standards that airlines can use to offset their emissions. These standards have been carefully selected to ensure the credibility and effectiveness of the offset projects.
The first approved standard is the Verified Carbon Standard (VCS). VCS is a widely recognized and respected standard that ensures the integrity and transparency of carbon offset projects. It requires projects to undergo rigorous third-party verification and monitoring to ensure that they meet the highest environmental and social standards.
The second approved standard is the Gold Standard. The Gold Standard focuses on projects that not only reduce greenhouse gas emissions but also contribute to sustainable development goals. This standard ensures that offset projects have a positive impact on local communities and promote sustainable practices.
The American Carbon Registry (ACR) is another approved standard under CORSIA. ACR focuses on projects that reduce emissions in North America. It has a strong track record of supporting projects that promote renewable energy, energy efficiency, and sustainable land use practices.
The Climate Action Reserve (CAR) is also included in the list of approved standards. CAR focuses on projects that reduce emissions in the United States. It has a rigorous certification process and ensures that offset projects are additional, permanent, and independently verified.
The Clean Development Mechanism (CDM) is a well-established standard under the United Nations Framework Convention on Climate Change (UNFCCC). It allows projects in developing countries to earn certified emission reduction credits. CORSIA recognizes the CDM as an approved standard, providing airlines with a wide range of offset options.
Lastly, the Joint Implementation (JI) standard is approved under CORSIA. JI allows countries with emission reduction commitments under the Kyoto Protocol to earn emission reduction units through projects in other countries. This standard provides flexibility for airlines to choose offset projects that align with their specific needs and preferences.
The approval of these six carbon credit standards under CORSIA’s Phase 1 ensures that airlines have access to a diverse range of credible and effective offset options. It also promotes transparency and accountability in the offset market, ensuring that emissions reductions are accurately measured and verified.
While CORSIA’s Phase 1 focuses on routes between participating countries, Phase 2, which is set to begin in 2027, will expand the scheme to cover all international flights. This expansion will further enhance the impact of CORSIA in reducing aviation emissions and promoting sustainable practices within the industry.
In conclusion, CORSIA’s Phase 1 updates, including the approval of six carbon credit standards, mark a significant step towards reducing the environmental impact of international aviation. By requiring airlines to offset their emissions through credible and effective offset projects, CORSIA aims to stabilize net CO2 emissions from air travel and contribute to global efforts in combating climate change.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: Plato Data Intelligence.
- Source Link: https://zephyrnet.com/6-carbon-credit-standards-approved-under-corsias-phase-1-updates/