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The International Civil Aviation Organization (ICAO) finalized an agreement to cap the aviation industry’s CO2 emissions at 2020 levels. Due to the cross-border nature of aviation, this sector, which is responsible for 2 percent of all GHG emissions globally, was excluded from the Paris Agreement in 2015. Although the agreement’s mandatory phase begins in 2027, more than 60 countries will voluntarily participate in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) beginning in 2021. CORSIA is a market-based measure capping emissions at 2020 levels. Airlines that exceed the emissions cap can offset their excess CO2 in two ways.… [more]View Insight