4AIR is the first private aviation participant in the IATA Aviation Carbon Exchange
4AIR has become the first private aviation stakeholder to trade on the International Air Transport Association’s (IATA) Aviation Carbon Exchange (ACE), a centralized platform where airlines and other aviation stakeholders can trade carbon offsets to reduce their climate impact. It transacted 15,000 carbon offsets on behalf of U.K.-based charter and jet card broker PrivateFly to support a solar-renewable energy project developed in India by the Adani Group.
4AIR has conducted its first transaction on the exchange with ClimeCo Corp. It has purchased offsets from the environmental commodity products advisor on behalf of 4AIR Silver Member PrivateFly to help it meet its offsetting commitment to its 2020 operations.
4AIR transacted 15,000 carbon offsets on behalf of PrivateFly to support a solar-renewable energy project developed in India by the Adani Group. In total, the project generates enough solar energy to displace more than 1.5 million megawatt-hours (MWh) of electricity in India annually, reducing the carbon impact of a country in which about 80 percent of electricity is generated through fossil fuels. The project spurs economic development, provides job opportunities, and expands regional economic activity.
4AIR allows anyone in private aviation, from companies and individuals who own aircraft, fractional shares, or jet cards to those who charter flights, to reduce their carbon footprint through its 4AIR Rating Program – the first and only rating system focused on sustainability in private aviation.
PrivateFly has committed to 4AIR Silver to be emissions neutral for 2021. This means 4AIR will offset its operations and all of PrivateFly’s 2021 flights at 300% of its carbon footprint to account for both their carbon dioxide and non-carbon dioxide emissions.
“The Aviation Carbon Exchange is a phenomenal step for increased transparency and simplicity in the process of acquiring carbon offsets,” said Kennedy Ricci, 4AIR’s president.
He continued, “4AIR is uniquely positioned to aggregate private flight hours from users and operators all over the world to buy offsets on the Aviation Carbon Exchange at a larger scale. We can help the private aviation community support verified projects worldwide, making it easy for them to meet sustainability goals.”
The Aviation Carbon Exchange was developed by IATA in partnership with Xpansiv market CBL, the leading spot exchange for ESG-inclusive commodities, including carbon offsets.
The IATA Aviation Carbon Exchange, or ACE, is a centralized marketplace for eligible emission units under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Airlines and other aviation stakeholders can trade CO2 emission reductions for compliance or voluntary offsetting purposes. A secure and easy-to-use trading environment, ACE offers the highest transparency in price and availability of emissions reductions.