{"id":721,"date":"2021-03-05T19:59:32","date_gmt":"2021-03-05T19:59:32","guid":{"rendered":"https:\/\/www.greenairnews.com\/?p=721"},"modified":"2021-04-28T15:14:46","modified_gmt":"2021-04-28T14:14:46","slug":"iatas-aviation-carbon-exchange-sees-first-private-aviation-trade-as-4air-buys-15000-carbon-offsets","status":"publish","type":"post","link":"https:\/\/www.greenairnews.com\/?p=721","title":{"rendered":"IATA\u2019s Aviation Carbon Exchange sees first private aviation trade as 4AIR buys 15,000 carbon offsets"},"content":{"rendered":"\n

Boston-based 4AIR<\/a> has become the first private aviation stakeholder to make a trade on IATA\u2019s Aviation Carbon Exchange, the platform for airlines and aircraft operators to trade carbon offsets to reduce their CO2 emissions or meet obligations under ICAO\u2019s CORSIA international offsetting scheme. The transaction was made with environmental commodity company ClimeCo<\/a> to purchase offsets on behalf of 4AIR client PrivateFly<\/a> to help the charter and jet card provider meet an offsetting commitment in relation to its 2020 operations. The 15,000 offsets purchased will support a renewable energy project in India that generates enough solar energy to displace more than 1.5 MWh of electricity annually. 4AIR operates a rating programme that allows anyone in private aviation \u2013 from companies and individuals who own aircraft, fractional shares or jet cards to those who charter flights \u2013 to reduce their carbon footprint. As a Silver Member of the programme, PrivateFly will offset emissions from its operations and all flights in 2021 at 300% of its carbon footprint to account for both CO2 emissions and non-CO2 pollutants.<\/strong><\/p>\n\n\n\n

<\/div>\n\n\n\n

The Aviation Carbon Exchange<\/a> was developed by IATA and Xpansiv CBL Holding Group<\/a> and integrates CBL Markets\u2019 trading platform with IATA\u2019s settlement systems. The exchange is open to all IATA and non-IATA airlines and aircraft operators, and accessible to carbon market participants wanting to list emission reductions that are CORSIA compliant, as well as for voluntary offsetting purposes.<\/p>\n\n\n\n

\u201cEnergy consumption is the biggest source of human-caused greenhouse gas emissions. By investing in carbon offset projects, the transition from fossil fuels to clean sources of energy becomes more attainable,\u201d commented Michael Schneider, IATA\u2019s Assistant Director, Aviation Environment. \u201cWe are pleased that 4AIR is participating in the Aviation Carbon Exchange, enabling business aviation companies from all over the world to do their part in supporting sustainability within the aviation industry.\u201d<\/p>\n\n\n\n

Added Rene Velasquez, CBL\u2019s Head of Global Carbon Markets: \u201cThis first-trade announcement is proof of broad support for decarbonisation across the aviation spectrum. In addition to aviation\u2019s effort to reduce emissions by investing in the latest aircraft technology and by improving operational fuel efficiency, the Aviation Carbon Exchange provides a clear, intuitive path to address aviation\u2019s environmental impact.\u201d<\/p>\n\n\n\n

Said Kennedy Ricci, 4AIR\u2019s President: \u201cThe Aviation Carbon Exchange is a phenomenal step for increased transparency and simplicity in the process of acquiring carbon offsets. 4AIR is uniquely positioned to aggregate private flight hours from users and operators all over the world to buy offsets on the Aviation Carbon Exchange at a larger scale. We can help the private aviation community support verified projects worldwide, making it easy for them to meet sustainability goals.\u201d<\/p>\n\n\n\n

4AIR formally launched in January having been incubated by business aviation and investment company Directional Aviation<\/a>. Through a rating system, it seeks to provide a solution to address climate impacts from private aviation. A company or individual makes a commitment to a specific level of the 4AIR framework and can be applied to existing sustainability efforts or offered as a turnkey full-service programme.<\/p>\n\n\n\n

The framework has benchmarks that are aligned with industry-wide goals and consistent with international standards, says4AIR, with four levels each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability:<\/p>\n\n\n\n