ICAO 2013 Environmental Report - page 140

icao environmental report
Approximately 1.2 billion CERs were issued under the
Protocol’s first commitment period (2008-2012). Demand
for CERs created under the Kyoto Protocol have weakened
significantly. At the end of the first commitment period of
the Kyoto Protocol, the CER market was in a situation of
oversupply. Hundreds of millions of CERs were estimated
to be available. In this context, estimates in 2012 showed
that any demand created by international aviation for offset
credits was not expected to significantly impact the price
of CERs. The surplus of CERs was considered a readily
available supply of offset credits for the international aviation
sector. More information on the state of the carbon markets
as it relates to international aviation is available in the article
Achieving Carbon Neutral Growth form 2020
, Chapter 4
in this report.
In addition to the CDM which has a strict and transparent
verification process, there are an increasing variety of offset
credits certified under different carbon programmes. Should
there be a decision to develop an international aviation
MBM using offset credits, it may be necessary to establish
standards and quality criteria for offset credits to ensure
the environmental integrity of emission reductions. The
international aviation sector has the opportunity to consider
existing criteria, standards, and verification practices, when
defining what would be acceptable for the sector. The
importance of flexibility in choosing emissions units for a
potential aviation scheme is also discussed in the article
Offset Credits As An Option For Destination Green
, Chapter 4
in this report.
The development of an MBM framework was undertaken
in parallel with the work on the feasibility of a global MBM
scheme. The MBM experts provided support on the
framework for MBMs, including the role and purpose, the
guiding principles, and the main elements of a framework.
This work was also considered by the HGCC.
Understanding the Importance of Carbon
Markets to International Aviation
To understand the trends in the development of carbon
markets and to identify implications for international
aviation, ICAO has been monitoring MBMs globally.
Lessons from the development of MBMs, such as the Kyoto
mechanism, have provided useful information on how the
market has responded to new mechanisms, policies and
regulations. Trading platforms, international trading rules,
State regulations for carbon trading, accepted verification
methodologies and the international trading registry can all
provide inputs for consideration by international aviation.
The financial, intellectual and regulatory infrastructure
created in the existing carbon market could facilitate the
implementation of a sectoral-based MBM for international
aviation. International aviation could build on these tools and
avoid the cost of developing its own or new infrastructure.
Under the Kyoto Protocol, Clean Development Mechanism
(CDM) carbon credits, known as certified emission
reductions (CERs), may be issued to approved projects in
developing countries for emissions reductions achieved.
chapter 4
global emissions
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