Qatar Airways became the first airline in the world to trade on the IATA Aviation Carbon Exchange (ACE), a centralized marketplace where airlines worldwide and other industry players can exchange CO2 emission reduction units to meet certain objectives or voluntarily compensate for the footprint of their operations.
The CO2 emission reduction units were created with the aim of promoting sustainable development and reducing the environmental impact of human activity. They are based on initiatives implemented in developing countries that reduce greenhouse gas emissions. Any person, company, organization or government interested in offsetting their emissions can acquire them and thus continue to promote the creation of new projects of this type.
IATA created its own market for these reduction units, to promote their exchange with the global aviation ecosystem to reach the goals of net-zero carbon emissions by 2050.
Qatar Airways issued a statement saying that «this initiative creates opportunities to simplify processes to ensure the successful implementation of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) adopted by the International Civil Aviation Organization (ICAO), while supporting the successful implementation of voluntary offsetting programs».
Through IATA Clearing House (ICH), which provides fast, secure, and cost-effective multi-currency billing and settlement services for the air transport industry, Qatar Airways entered into the ACE transaction to add initiatives to its climate goals.
Akbar Al Baker, Group CEO of Qatar Airways said, «The State of Qatar is one of those voluntarily participating in the pilot phase of CORSIA. As an aviation leader, Qatar Airways is driven by an ambitious vision of environmental sustainability and we are determined to support Qatar in this quest by complying with the global scheme. We welcome the use of IATA Aviation Carbon Exchange (ACE) as it enables airlines to invest in CORSIA-eligible emissions reduction units, further supporting Qatar Airways’ commitment to invest in a low-carbon future while reducing our financial risk.»
Willie Walsh, IATA Director-General, said, «The Carbon Offsetting and Reduction Scheme for International Aviation – CORSIA – is a core tool to help the industry achieve carbon-neutral growth as part of our long-term goal of achieving net-zero carbon emissions by 2050.
The Aviation Carbon Exchange allows airlines to purchase their offset credits with maximum transparency and minimum bureaucracy. With the first transaction, Qatar Airways has demonstrated its support for the IATA Clearing House as a means of pioneering efficiencies in transactions that will facilitate the purchase of quality carbon offsets for all airlines.»
The ability to purchase CO2 emission reduction units, promoted in the aviation sector by IATA, joins the efforts that airlines, manufacturers, suppliers, organizations, and governments are making to promote the sustainable future of the airline industry.
