Tuesday, January 21, 2020

A Carbon Market for Aviation could Spur the Growth of NETs

There is an increasing need to curtail emissions from airlines. Traditional air travel generates some of the most damaging greenhouse gases but if carbon markets were used by the aviation industry it could provide a massive and much needed boost to negative emission technologies (NETs). Air travel currently accounts for about 2 percent of global carbon emissions but they are expected to quadruple by 2050.

A program knows as the "Carbon Offsetting and Reduction Scheme for International Aviation" (CORSIA) could curtail emissions and maximize airline efficiency while advancing research and development in NETs. This program leverages a global carbon credit program to impose caps on CO2 emissions from international flights at 2020 levels.

CORSIA would not only drive investment in NETs it would also provide incentives for the development of low-carbon fuels. It is estimated that in the first decade and a half CORSIA, would generate between 2.5 billion and 3 billion tons worth of carbon offsets. This is a powerful inducement for companies looking to capitalize. It could even drive the growth of emissions free airships and generate investments that could address some of the limitations of electric aviation.

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