The EEU Volume Event provided a significant opportunity for airlines to enhance their sustainability credentials by purchasing CORSIA Phase 1 eligible credits from the Guyana Jurisdictional REDD Program. The credits, issued under the high-integrity ART TREES Standard, were supplied by Mercuria and marked a pivotal moment in supporting global efforts to reduce CO2 emissions from aviation.
Seamless Credit Procurement on ACE Platform
Airlines were invited to express their interest anonymously in the eligible credits through the Aviation Carbon Exchange (ACE) platform. This anonymity encouraged wide participation, fostering a competitive yet confidential environment for stakeholders. At the conclusion of the event, purchases were settled seamlessly via the platform, with flexible payment options available to ensure convenience.
Â
Participants could utilize the International Air Transport Association (IATA) Clearing House for transactions or opt for a Bank of America FBO (For Benefit Of) account established in the airline’s name. Additionally, Mercuria facilitated transaction options for forward and multi-year purchases, allowing airlines to strategically plan their carbon offset strategies.
Â
Supporting CORSIA’s Global Vision
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) remains the only global market-based measure designed to address CO2 emissions from international aviation. Implemented in three phases, the scheme aims to stabilize aviation emissions at 2020 levels.
- Voluntary Period (2021-2026): During this phase, countries can choose to participate, building momentum and refining processes for global adoption.
- Mandatory Phase (2027 onward): Most countries will be required to comply, ensuring a broad and unified commitment to carbon neutrality.
Airlines participating in CORSIA must monitor, report, and verify their emissions annually to maintain transparency and accountability. The scheme underscores the aviation industry’s dedication to achieving sustainable growth while meeting international climate goals.
Â
A Step Toward a Greener Future
The EEU Volume Event and its alignment with CORSIA exemplify the aviation sector’s proactive approach to addressing its environmental impact. By offering innovative transaction methods and a transparent platform, the event enabled airlines to take meaningful steps toward their sustainability targets.
Â
The success of the event underscores the importance of collaborative efforts in driving change. As the industry navigates the complexities of achieving net-zero emissions, initiatives like this set a strong precedent for future endeavors.
SOURCE: IATA
