The International Business Aviation Council (IBAC) has teamed up with Carbon Trade eXchange (CTX) to provide a means for business aviation operators to voluntarily purchase carbon credits to offset CO2 emissions. Through the alliance, the business aviation organization will offer a real-time, electronic IBAC Carbon Credit Exchange program.
Exchange participants can choose from a range of offset projects that have been certified under The Gold Standard, the UNFCCC Clean Development Mechanism (CDM), or the Verra Verified Carbon Standard (VCS).
IBAC noted that market-based measures are among the options available to help the industry achieve its goal of carbon-neutral growth and can be used in the near term as a supplement to other sustainability efforts underway such as operational improvements and the use of sustainable aviation fuel (SAF).
“Operators should first assess the degree to which further fuel efficiencies and emissions reductions can be gained, at reasonable expense, from new technology, enhancements, and the use of SAF,” said Bruce Parry, IBAC environment director. The remaining impact could then be offset, he said. “It’s critical that offsetting be a part of an overall plan to reduce our carbon footprint and not be considered a free pass to ignore attainable environmental reduction measures."
IBAC director-general Kurt Edwards added that the organization chose CTX based on its experience in the market and transparent business model. “Their fixed-fee transactions allow 95 percent of the funds collected to go directly to accredited projects,” Edwards noted. “And IBAC exchange members will have the freedom to choose to support projects that align with their corporate strategy, whether it’s wind energy farms in North America or clean water efforts in Southeast Asia.”