On June 2, 2019, the International Air Transport Association (IATA) announced the approval, by the IATA 75th Annual General Meeting (AGM), of the United Nations’ (UN) International Civil Aviation Organization (ICAO) resolution, which calls governments to continue work on the implementation of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The first global carbon pricing instrument for an industry sector, CORSIA will cap carbon dioxide emissions from international aviation at 2020 levels (carbon-neutral growth (CNG)). Between 2020 and 2035, CORSIA aims to mitigate over 2.5 billion tonnes of carbon dioxide generating at least $40 billion in finance for carbon reduction initiatives. AGM urged ICAO member states to take a number of measures:

• Consider participation in CORSIA in the pilot phase;

• Align domestic regulations on the monitoring, verification, and reporting of emissions with CORSIA’s standards, preventing market distortions through its requirements;

• Implement CORSIA as the single global market-based mechanism for climate change mitigation; and

• Avoid the implementation of overlapping/duplicate measures such as unilateral carbon taxes.

IATA’s Director General and Chief Executive Officer (CEO) stated: “CORSIA is a landmark accomplishment. It is a concrete, well-defined way forward to cap global emissions from international aviation. States must not compromise it with inconsistent implementation or by adding a patchwork of taxes on top of it. Its vital mission is to stop growth in net emissions from aviation.” AGM also discussed steps beyond CORSIA, setting the goal to cut net emissions by half of 2005 levels by 2050. Focused on a long-term strategy, IATA calls for investments in better efficiency measures such as sustainable aviation fuels, new aircrafts, and better procedures.