The International Air Transport Association (IATA) has launched the Aviation Carbon Exchange (ACE), an important new tool to help airlines meet their climate commitments.
ACE is the first centralized, real-time marketplace that is integrated with the IATA Clearing House (ICH) for the settlement of funds on trades in carbon offsets. IATA’s Clearing House ensures that ACE can offer a seamless and secure settlement system which guarantees payment and delivery of the carbon credits. JetBlue Airways is the first airline that made the historic transaction in the ACE platform. It purchased credits in the first phase of the Larimar wind farm project in the Dominican Republic which began development in 2015. When the entire project is completed it will reduce average emissions by more than 200,000 tons of CO2 per year.
“Our planet is physically changing, as are the expectations of our customers, crew, members and investors,” said Robin Hayes, CEO of JetBlue and Chair of the IATA Board of Governors, noting the importance of addressing the climate change challenge.
“Airlines are serious in their commitment to reduce emissions. And they need a reliable tool to access quality carbon credits in real time. ACE will be a key tool helping airlines efficiently manage these important transactions,” said Alexandre de Juniac, IATA’s Director General and CEO.
