Carbon Trading in Aviation: Birth of a New Market

The European Union has made waves in the carbon trading industry by including the aviation sector under emissions trading. This is accompanied by carbon emission efforts on part of airlines and airports in the Western world. Many airports and airlines are coming to the forefront of the climate change battle. A large number of airlines and airports in the US and Europe now offers carbon offset programs and several other schemes to minimize carbon footprints. Most European and American airports and airlines are proactively investing and working on fuel-efficiency, waste management, water conservation, green buildings, recycling, hybrid vehicles, solar energy installations, cogeneration plants etc. In fact, Manchester airport is one of the 66 organizations that have received Carbon Trust Standard, a certification for having genuinely reduced carbon emissions and also being committed to curb emissions in the future. Many airlines in the Western world have serious emission targets which they plan to achieve its goal by investing in alternative fuels, cleaner aircrafts, smart routings and also by carbon trading. The entire aviation sector has come a long way in awareness about the need to limit their carbon footprints, as is evident from their carbon schemes. Nevertheless, what spurs them into action is the financial benefit that comes as a result of energy efficiency. This marks the beginning of a large market for carbon trading in aviation.

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