IATA launches the Aviation Carbon Exchange (ACE)
The International Air Transport Association (IATA) has launched the Aviation Carbon Exchange (ACE), an important new tool to help airlines meet their climate commitments.
"Airlines are serious about reducing emissions. And they need a reliable tool to access quality certified carbon credits, in real time. ACE will be a key tool that will help airlines efficiently manage these important transactions, "said Alexandre de Juniac, IATA General Manager and CEO.
ACE will offer airlines and other aviation stakeholders (such as airports and aircraft manufacturers) the opportunity to offset their environment by purchasing certified carbon credits. The reduction programs on ACE include forestry projects, renewable energy such as wind energy, ecosystem protection, and community-based projects.
The platform will be a key tool for airlines in fulfilling their obligations under CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation), as agreed by governments through the International Civil Aviation Organization (ICAO) in 2016 After an adjustment to account for disruptions from COVID-19, CORSIA will effectively ensure that the aviation sector's net carbon emissions will not grow beyond 2019 levels.
ACE will also be open to airlines wishing to invest in voluntary offsets outside CORSIA, such as those who have set net emissions targets of zero and those who wish to offset domestic operations.
JetBlue Airways was the first airline to have made a transaction on the ACE platform, the company bought credits from a renewable energy project, which will see the construction of a wind farm in the Dominican Republic, which began in 2015. When the whole project will be completed, it will contribute to a reduction of emissions equal to over 200,000 tons of CO2 per year.