The pioneering initiative opens a new chapter in the promotion of innovation towards environmental sustainability
Qatar Airways and the International Air Transport Association (IATA) announced that Qatar Airways became the first carrier to make a transaction on the IATA Aviation Carbon Exchange (ACE) using IATA Clearing House (ICH).
The IATA Aviation Carbon Exchange (ACE) is a centralised marketplace where airlines and other aviation stakeholders can trade CO2emission reduction units for compliance or voluntary offsetting purposes. With a secure and easy to use trading environment, ACE offers the highest transparency in terms of price and availability of emission reduction units while simplifying the process for air carriers to access carbon markets to achieve their decarbonisation targets.
Today, IATA and Qatar Airways reach another landmark milestone that encourages carbon markets to respond to the needs of the aviation sector. This initiative enables opportunities to simplify processes to ensure the successful implementation of Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) adopted by the International Civil Aviation Organization (ICAO), while also supporting the successful implementation of voluntary offsetting programmes.
With Qatar Airways making the ACE transaction using IATA Clearing House (ICH), it benefits from the IATA Settlement Systems and Clearing House for seamless and risk-free settlement of funds. It reaffirms our industry’s ambition to reach our climate targets while we drive innovation and bring other social, environmental or economic benefits.
Qatar Airways Group Chief Executive, His Excellency Mr Akbar Al Baker, said: “The State of Qatar is one of the States that voluntarily participates in the pilot phase of ICAO CORSIA. As a leader in aviation, Qatar Airways is driven by an ambitious environmental sustainability vision and we are determined to support Qatar in this pursuit by remaining compliant with the global scheme. We welcome the use of the IATA Aviation Carbon Exchange (ACE), as it enables airlines to invest in CORSIA eligible emission reduction units, further supporting Qatar Airways’ commitment to invest in a low-carbon future, while reducing our financial risk.”
Willie Walsh, IATA’s Director-General, said, “The Carbon Offsetting and Reduction Scheme for International Aviation – CORSIA – is a key tool for helping the industry achieve carbon-neutral growth as part of our long-term target to reach net-zero carbon emissions by 2050. The Aviation Carbon Exchange enables airlines to purchase their offsetting credits with maximum transparency and minimum bureaucracy.
By performing the first-ever trade on the ACE using the IATA Clearing House, Qatar Airways has demonstrated its support for the ICH as a means of pioneering efficiency in transactions that will make the purchase of quality carbon offsets easier for all airlines.”
Recently, IATA approved a resolution for the global air transport industry to achieve net-zero carbon emissions by 2050. In line with the longstanding approach to managing aviation’s climate change impact, the resolution also called for governments to support CORSIA, and coordinate policy measures to avoid a patchwork of regional, national, or local measures.
Qatar Airways and IATA, together with the industry stakeholders are working together in order to collectively achieve the industry’s decarbonisation goals.
The Aviation Carbon Exchange (ACE), is a platform for trading carbon credits, powered by CBL Markets, an Xpansiv CBL Holding Group (XCHG).