CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation)
A global mechanism adopted by ICAO in 2016 that requires airlines to offset growth in their international emissions above a baseline.
Emissions from international flights belong to no country and therefore escaped the national contributions of the Paris Agreement. The International Civil Aviation Organization created a sector regime: airlines must buy offset units to cover their emissions above a baseline. The mechanism does not cap emissions, it offsets their growth, which rests all its credibility on the quality of the credits admitted. It thus creates structural demand for carbon credits, with the risks of non-permanence and double counting that this implies. For players who finance or insure credit projects, it is a source of demand and a verification requirement.
Adopted on October 5, 2016 by the ICAO Assembly in Montreal, CORSIA began with a pilot phase from 2021 to 2023 and a first phase from 2024 to 2026, both voluntary; the second phase, from 2027 to 2035, applies to all states save exemptions. The baseline, first the average of 2019 and 2020, was reset to 2019 in 2020, then to 85% of 2019 emissions from 2024.
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