IBAC partners with CTX to offer a carbon offset resource
IBAC announced its new alliance with Carbon Trade eXchange to provide a transparent and efficient platform for business aviation companies to voluntarily purchase carbon credits to offset their CO2 as part of an overall sustainable development plan.
The new IBAC Carbon Credit Exchange program is made possible by the new partnership with Carbon Trade eXchange (CTX), which introduced the world’s first electronic exchange for high-quality voluntary carbon credits in real time over a decade ago. . Exchange members choose from a wide range of offset projects certified by the world’s three major carbon credit standards: the Gold Standard, the UNFCCC Clean Development Mechanism (CDM), and the Verra Verra Carbon Standard ( VCS).
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Market-based measures, as identified in the Business Aviation Engagement on Climate Change (BACCC), pointed out that offsetting is part of ICAO’s package of measures to help industry achieve the goal of carbon neutral growth. Carbon credits can be used in the short term to complement other decarbonization actions, such as operational improvements, the use of SAFs and newer and more efficient aircraft, thus helping to reduce emissions now while the benefits of other measures accumulate over the longer term.
“Operators must first assess to what extent additional fuel savings and emission reductions can be achieved, at a reasonable cost, through new technologies, improvements and the use of SAF,” said Bruce. Parry, IBAC Environmental Director. “Operational improvements, for example, can include reducing unnecessary weight in the aircraft, refueling, and using power on the ground. The remaining impacts can then be offset. It is essential that offsetting be part of an overall plan to reduce our carbon footprint and not be seen as a pass to ignore achievable environmental reduction measures.
IBAC Managing Director Kurt Edwards said: “As the industry strives to directly meet its decarbonization targets, offsetting is an additional tool that enables operators to mitigate emissions now by financing carbon reductions achieved in projects outside the sector. We chose to partner with CTX because of their market experience and transparent business model. Their fixed-fee transactions allow 95% of the funds raised to go directly to accredited projects. And members of the IBAC exchange will have the freedom to choose to support projects that align with their business strategy, whether it’s wind farms in North America or water remediation efforts. water in Southeast Asia.
The compensation process begins with fuel monitoring, an industry best practice recommended by the IBAC. Fuel management will help determine CO2 emissions once other efficiencies are in place. The emissions are calculated using the ratio defined by the ICAO of CO from jet fuel2 production of 3.16 CO units2 per unit of fuel consumed. For example, ten metric tonnes of jet fuel used would require 31.6 metric tonnes of carbon credits to be fully offset.
Carbon Trade Exchange CEO Wayne Sharpe said, “The best way to start reducing emissions is to assess them across the business, and our low cost solution helps maximize results and profits for the industry. business aviation. It is important to note that operators can choose which projects from around the world they wish to support, with 95% of the proceeds from the purchase going to selected projects. We are very proud to be a part of this revolutionary solution and of this fabulous global business leadership. “
Working with leading global carbon offset standards, CTX offers a variety of options to support any carbon offset budget, from $ 1.00 to $ 2.00 per tonne of CO.2e.
Once carbon credits are purchased, offsetting will be issued and one-time cancellation certificates that cannot be resold or re-claimed will be provided to the buyer.
CTX is an exchange that works directly with project developers and thus offers prices at a wholesale rate. There are no middlemen between CTX and project developers, resulting in an efficient and transparent compensation buying experience.