The International Air Transport Association has launched a trading platform for airlines and other companies in the aviation industry to buy carbon offsets.
The Aviation Carbon Exchange, developed with commodities trader Xpansiv CBL Holding, is a platform on which airlines, airports and airline manufacturers can buy credits for projects that reduce carbon emissions, including projects involving forestry, wind energy and ecosystem protection. The platform is integrated with IATA's Clearing House to manage payment and delivery of carbon credits.
IATA designed the platform as a tool to help airlines meet the goals established by the United Nations' International Civil Aviation Organization, which aims to cut by 2050 the aviation industry's carbon emission levels to 50 percent of 2005 levels, according to IATA SVP for member and external relations Sebastian Mikosz. The platform "gives airlines access to top quality carbon offsetting schemes in real time with full transparency," he said.
On Wednesday, JetBlue made the first trade on the platform, buying credits toward the development of a wind farm in the Dominican Republic.