The International Civil Aviation Organization (ICAO) has determined that 2019, rather than 2020, will be used as the emissions baseline for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).  Here are six carbon financing impacts coming out of ICAO’s decision.

1. Because of the impact of the COVID-19 pandemic on aviation, and citing difficulties in verifying CO2 emissions for baseline year 2020, the International Civil Aviation Organization (ICAO) decided in July that countries would report 2019 emissions data as a baseline year instead of 2020 as previously agreed.