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 meet their offsetting obligations. 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 deliver real and additional emission reductions.
The second approved standard is the Gold Standard. The Gold Standard focuses on projects that not only reduce emissions but also contribute to sustainable development goals. Projects under this standard must meet strict criteria related to environmental integrity, social benefits, and sustainable development co-benefits.
The third approved standard is the Climate Action Reserve (CAR). CAR is a leading carbon offset program in North America that ensures the credibility and quality of offset projects. It requires projects to follow rigorous protocols and undergo independent verification to ensure that they meet the highest standards.
The fourth approved standard is the American Carbon Registry (ACR). ACR is a widely recognized standard in the United States that ensures the environmental integrity and transparency of offset projects. It requires projects to follow strict protocols and undergo independent verification to ensure that they deliver real and additional emission reductions.
The fifth approved standard is the Clean Development Mechanism (CDM). CDM is a project-based mechanism under the United Nations Framework Convention on Climate Change (UNFCCC). It allows developed countries to invest in emission reduction projects in developing countries and use the resulting carbon credits to meet their own emission reduction targets.
The sixth approved standard is the Joint Implementation (JI). JI is another project-based mechanism under the UNFCCC that allows developed countries to invest in emission reduction projects in other developed countries and use the resulting carbon credits to meet their own emission reduction targets.
By approving these six carbon credit standards, CORSIA ensures that airlines have a wide range of credible and high-quality offset options to choose from. This not only promotes transparency and accountability but also encourages the development of innovative and sustainable offset projects around the world.
It is important to note that CORSIA’s Phase 1 is voluntary for most countries, with only a few states participating. However, it sets the foundation for future phases, which will gradually expand the scheme’s coverage to include more countries and routes. As CORSIA continues to evolve, it is expected that more carbon credit standards will be approved, providing even greater flexibility and options for airlines to offset their emissions.
In conclusion, CORSIA’s Phase 1 updates regarding the approval of six carbon credit standards are a significant step towards reducing the environmental impact of international aviation. By ensuring the credibility and effectiveness of offset projects, these standards contribute to the overall goal of stabilizing net CO2 emissions from air travel. As more countries join CORSIA in future phases, the scheme will play a crucial role in promoting sustainable aviation and combating climate change.
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- Source: https://zephyrnet.com/6-carbon-credit-standards-approved-under-corsias-phase-1-updates/