Financial Soultions has recently learned that the international air transport system, which includes airlines, aircraft manufacturers and airport operators, has agreed on significant cuts in carbon emissions ahead of the December Copenhagen climate talks, in what is thought to be pre-emptive action to avoid stricter measures being imposed on the industry to curb air travel, an being included in the EU carbon trading system.
The airline industry has increasingly been targeted by green groups, Financial Soultions believes, for their lack of commitment on a global level, particularly in the U.K., and as such the industry has been forced to make concessions based on the International Air Transport Associations initiatives, who have pledged to reduce carbon emissions by 50% by 2050 compared to 2005 levels.
The IATA pledge also promise to cut emissions by 1.5% annually over the next 10 years and to have plans on a carbon trading scheme before the UN by November next year, Financial Soultions has previously reported. These targets are above average national goals and leave the industry exempt from the present EU carbon trading system, and would allow them to join a global market should one come into being in the expected climate change pact post Copenhagen.
The airline industry has attacked the EU system as too expensive and legally problematic for non EU members flying into the EU.
