ACE is the first centralized, real-time marketplace that is integrated with the IATA Clearing House (ICH) for the settlement of funds on trades in carbon offsets.
IATA’s Clearing House ensures that ACE can offer a seamless and secure settlement system which guarantees payment and delivery of the carbon credits. JetBlue Airways is the first airline that made the historic transaction in the ACE platform.
“Airlines are serious in their commitment to reduce emissions. And they need a reliable tool to access quality carbon credits in real time. ACE will be a key tool helping airlines efficiently manage these important transactions,” said Alexandre de Juniac, IATA’s Director General and CEO.
The platform will be a key tool for airlines in fulfilling their obligations under CORSIA which was agreed by governments through the International Civil Aviation Organization (ICAO) in 2016. After a baseline adjustment to account for Covid-19 disruptions, CORSIA will effectively ensure that aviation’s net carbon emissions will not grow above 2019 levels. This will be achieved through the purchase of high-quality carbon offsets and closely monitored by governments.
ACE will also be open to airlines wanting to invest in voluntary offsets outside CORSIA, for example those who have set net zero emissions targets, and those wishing to offset domestic operations.