Doha: Another milestone for Qatar Airways as it is the first airline in the world to make a transaction on the International Air Transport Association (IATA) Aviation Carbon Exchange using IATA Clearing House (ICH).
Qatar Airways Group Chief Executive, H E Akbar Al Baker said: “The State of Qatar is one of the states that voluntarily participates in the pilot phase of ICAO CORSIA. As a leader in aviation, Qatar Airways is driven by an ambitious environmental sustainability vision and we are determined to support Qatar in this pursuit by remaining compliant with the global scheme. We welcome the use of the IATA Aviation Carbon Exchange (ACE), as it enables airlines to invest in CORSIA-eligible emission reduction units, further supporting Qatar Airways’ commitment to invest in a low-carbon future, while reducing our financial risk.”
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is a carbon offset and carbon reduction scheme to lower CO2 emissions for international flights, this is to curb the aviation impact on climate change. It was developed by International Civil Aviation Organization (ICAO).
IATA Director General, Willie Walsh disclosed, “CORSIA is a key tool for helping the industry achieve carbon-neutral growth as part of our long-term target to reach net-zero carbon emissions by 2050. The Aviation Carbon Exchange enables airlines to purchase their offsetting credits with maximum transparency and minimum bureaucracy. By performing the first-ever trade on the ACE using the IATA Clearing House, Qatar Airways has demonstrated its support for the ICH as a means of pioneering efficiency in transactions that will make the purchase of quality carbon offsets easier for all airlines.”
ACE is a centralised marketplace where airlines and other aviation stakeholders can trade CO2 emission reduction units for compliance or voluntary offsetting purposes. With a secure and easy to use trading environment, ACE offers the highest transparency in terms of price and availability of emission reduction units while simplifying the process for air carriers to access carbon markets to achieve their decarbonisation targets. It is a platform for trading carbon credits, powered by CBL Markets, an Xpansiv CBL Holding Group.
The initiative enables opportunities to simplify processes to ensure the successful implementation of CORSIA adopted by ICAO.
