IBAC, CTX announce carbon exchange for business aviation

International Business Aviation Council (IBAC) said it has partnered with Carbon Trade eXchange (CTX) to develop Aviation Carbon Exchange (ACE) platform for business aviation companies to voluntarily purchase carbon credits to offset their CO2 emissions.
“While the industry strives to meet its decarbonisation goals directly, offsetting is a supplemental tool that allows operators to take mitigation action by financing carbon reductions achieved in projects outside the sector,” said Kurt Edwards, director general, IBAC.
The new ACE platform is hosted at www.offsetflights.com. The new B2B platform ACE offers convenience for smaller purchases, with CTX providing a pre-selected registry of high-quality offsets, starting at 100 tonnes. However, a full CTX membership remains the preferred option for those anticipating a larger number of trades.
The IBAC Carbon Credit Exchange was created by the partnership with CTX, which introduced the world’s first electronic exchange for high-quality voluntary carbon credits in real-time more than 16 years ago.
Business aviation organisations can choose from a wide range of offset projects certified by the world’s leading carbon credit standards: the Gold Standard, UNFCCC Clean Development Mechanism (CDM) and Verra Verified Carbon Standard (VCS).
Once carbon credits are purchased on the ACE platform, they are immediately cancelled by CTX.
The IBAC, in its recently-held Business Aviation Commitment on Climate Change (BACCC), identified carbon credits utility in the near term as a supplement to other decarbonisation actions, such as operational improvements, use of sustainable aviation fuel, and newer, more efficient aircraft, contributing to emissions reductions now while the benefits of other measures accumulate over the longer term.
Moreover, Carbon Trade Exchange CEO Wayne Sharpe said: “the best way to start reducing emissions is to cost them in the business, and our low-cost solution helps maximise results for the business aviation sector.”