CORSIA 9 Dec 2024
Navigating CORSIA: An introduction to Carbon Offsetting and Reduction for International Aviation
4 Min Reading Time
Two weeks ago, the largest annual climate event in the United States took place in New York City: Climate Week NYC, organized by The Climate Group. Coinciding with the UN General Assembly (UNGA), this event brought together business leaders, policymakers, government representatives, academics, tech professionals, activists, and change-makers, from across the globe to discuss one common mission: driving climate action. This year’s theme, “It’s Time,” underscored the urgency of the situation, with record temperatures and escalating climate disasters highlighting the need for immediate action.
In addition to attending various sessions throughout the week, EcoAct hosted its own session on the voluntary carbon market, attracting corporate representatives, project developers, and industry experts. Here’s a full recap of the key events our team attended across the city.
William Theisen, CEO of EcoAct North America
EcoAct’s panel, led by William Theisen, CEO of North America, featured a panel of industry experts, including Teodora Kaeva (VCMI), Sam Israelit (Bain), Mathilde Mignot (EcoAct), Thomas Blackburn (SustainCERT), and Lorna Ritchie (ICVCM). The event highlighted the importance of integrity and innovation in the Voluntary Carbon Market (VCM). A recurring theme was the need for robust monitoring and transparency on both the supply and demand sides, reinforcing the market’s commitment to integrity-based carbon mitigation.
The panelists explored regulatory compliance from both buyer and supplier perspectives, noting how new innovations like digital verification tools can enhance the accuracy of carbon offsetting projects. With the VCM at a pivotal moment, the consensus was clear: continuous improvements in project assessments are essential for sustaining market growth and meeting rising demand. Initiatives like the VCMI and ICVCM are crucial in building confidence and promoting responsible carbon finance to achieve a net-zero economy.
EcoAct’s parent company, Schneider Electric, received the prestigious 2024 RE100 Changemaker Award from The Climate Group. This accolade was awarded to Schneider Electric for its pioneering efforts to leverage the US Inflation Reduction Act tax transferability provision to drive renewable energy advancement in North America. Schneider is the world’s largest and most experienced energy transition advisor. It was recognized for its ability to create innovative opportunities for companies to invest in a diverse portfolio of renewable and clean technology projects, accelerating the transition to a decarbonized future. Watch the video entry here.
Chimdi Obienu, Senior Research Consultant
EcoActor Chimdi Obienu attended the IETA North America Climate Summit. This was an opportunity for carbon market professionals, experts, and government officials to deepen their understanding, network, and collaborate to advance climate action and transition finance in light of changing carbon pricing and regulatory landscapes. Chimdi noted a strong industry consensus on the need for project integrity to scale the VCM.
The Integrity Council for the Voluntary Carbon Market (ICVCM) plays a critical role in ensuring credit quality. Experts urged against limiting procurement to removal credits, which could stifle investment in essential reduction projects like REDD+ and Sustainable Aviation Fuel (SAF). Despite uncertainties around policies like Article 6 and ICVCM’s Core Carbon Principles, there was collective agreement that early engagement in the VCM remains vital for long-term climate strategies.
Mathilde Mignot, Vice-Chair ICROA & Group Director, NBS EcoAct
EcoAct’s Mathilde Mignot participated in a panel organized by The Integrity Council for the Voluntary Carbon Market (ICVCM), the Voluntary Carbon Markets Integrity Initiative (VCMI), and the Global Carbon Market Utility (GCMU) focused on the role of carbon finance in accelerating the energy transition.
Mathilde discussed the importance of digitization and collaboration between the public and private sectors to manage Scope 3 emissions and enhance data traceability. She also highlighted the Energy Transition Accelerator (ETA), which aims to deliver large-scale emission reductions and foster innovation across carbon-intensive industries.
Morane Senyarich, Sustainability Senior Consultant
The World Business Council for Sustainable Development (WBCSD) is working together with businesses, including EcoAct’s parent company, Schneider Electric, to develop guidance on the design and implementation of business adaptation and resilience plans. During the session, participants reviewed a new adaptation planning process designed to guide businesses in balancing investments between decarbonization and adaptation. The session emphasized the need for standardized methodologies and data to better assess the financial viability of resilient investments.
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