Boeing

Boeing among global leaders shaping new carbon market standards

Task force fosters growth in voluntary carbon offset market to support climate projects

February 15, 2021 in Environment

Projects funded by carbon offsets — such as renewable energy, forestry and carbon capture — avoid or remove emissions. Many projects also protect biodiversity, support local economies and create jobs.

To advance efforts to mature voluntary carbon markets, Boeing is among 50 organizations from six continents that serve on the Taskforce on Scaling Voluntary Carbon Markets.

The task force is a leading initiative launched by Mark Carney, the UN Special Envoy for Climate Action, with the objective of fostering carbon market growth that meets growing demand. Boeing advised on the task force’s newly published Final Report, a blueprint with actionable solutions on creating a large-scale, transparent carbon credit trading market.

“I was privileged to be part of this Taskforce shaping emerging global carbon frameworks,” said Amy Bann, Boeing’s task force member, who also participated in creating the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). “We’re proud to join global leaders as we continue to heighten transparent, inclusive dialogue supporting carbon market standards that aim to maximize benefits to the planet.”

The work of this task force builds on CORSIA, the world’s first sector-based, global market mechanism to address climate change. Nearly every nation in the world adopted CORSIA in 2016 to complement aviation’s technology efforts to decarbonize flying. Strict environmental criteria ensures that offset projects provide permanent and additional emission reductions that are quantifiable, monitored and reported.

Projects funded by carbon offsets — such as renewable energy, forestry and carbon capture — avoid or remove emissions. Many projects also protect biodiversity, support local economies and create jobs.

Boeing is committed to reducing carbon emissions both in the air and within its own operations. The company recently announced that its commercial airplanes will be capable and certified to fly on 100% sustainable aviation fuels by 2030. Boeing also announced it achieved net-zero at manufacturing and worksites in 2020 by expanding conservation and renewable energy use while purchasing high quality offsets for the remaining greenhouse gas emissions.

“We’re innovating and operating to make the world better with strategies that will enable safe and sustainable travel for generations to come,” said Sheila Remes, vice president of Boeing environmental sustainability. “Aviation set goals to catalyze our long-term emissions reductions strategy of airplane replacement, operational efficiency, renewable energy transition and technology innovation. Offsetting complements this strategy and substantial investments we make every year by addressing emissions that cannot yet be directly abated.”

To further support quality offset markets and tools, Boeing recently became an official partner in the Aviation Carbon Exchange (ACE). A partnership between the International Air Transport Association (IATA) and XCHG company CBL Markets, the ACE is a centralized marketplace where airlines and other aviation stakeholders can purchase carbon offsets eligible for CORSIA.

The task force will begin the next phase of its work in March.