4AIR Trades in the IATA’S Aviation Carbon Exchange
Apr 15, 2021
4AIR is the first private aviation participant in the International Air Travel Association, also known as the IATA. Earlier this year, 4AIR decided to trade on the IATA’S Aviation Carbon Exchange, confirming their position as a global leader in eco-friendly aviation. The transaction was made with ClimeCo Corp, an environmental commodity company. 4AIR purchased 15,000 carbon offsets on behalf of client Private Fly as a means to help the charter meet its sustainability commitments set in 2020.
What you should know about the Aviation Carbon Exchange
Developed by the International Air Travel Association in 2015, Aviation Carbon Exchange (ACE) is a platform for airlines and aircraft operators to trade carbon offsets and reduce their overall CO2 emissions. ACE also protects the environment through regulating CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) and ensuring that all active airlines and operators meet the necessary obligations.
The exchange is available to all IATA and non-IATA members. Any carbon market participants wanting to list emission reduction (that are CORSIA compliant) can do so through the clear pathway created by ACE.
How do carbon offsets work?
Air travel alone accounts for 2% of total global carbon emissions. However, this whopping number can be lessened through the process of carbon offsetting.
In short, airlines and operators can compensate for their CO2 emissions caused by their activities. This is done through investment in carbon reduction projects in other areas and different locations worldwide.
By investing in carbon offset projects, the transition from fossil fuels to clean sources of energy becomes more attainable.
“Energy consumption is the biggest source of human-caused greenhouse gas emissions. By investing in carbon offset projects, the transition from fossil fuels to clean sources of energy becomes more attainable,” commented Michael Schneider, IATA’s Assistant Director.
The transaction made by 4AIR supports a solar-renewable energy project in India. Developed by the Adani Group, the project aims to bring sustainable and ozone-friendly energy to a country where 80% of electricity is generated through harmful fossil fuels.
In addition, the project is empowering the lives of many. The Adani Group’s activities are bringing more jobs to workers, stimulating regional development, and expanding economic activities.
The Adani Group has produced enough solar energy to displace 1.5 million megawatt-hours of electricity in India on an annual basis.
So far, the venture has proved to be highly successful. In fact, the Adani Group has produced enough solar energy to displace 1.5 million megawatt-hours of electricity in India on an annual basis.
Future of sustainable aviation
4AIR’s first-trade announcement is proof of the growing decarbonization across the aviation industry, which has made global commitments to sustainably by 2050. Not only are airlines investing in fuel-efficient technology, they are actively working toward minimizing their carbon footprint.
4AIR is inspiring private aviation to do its part. With its unique position in the industry, 4AIR is able to aggregate private flight hours from worldwide users and operators, enabling carbon offsetting to take place on a global scale. In the long-term, this collective effort could lead to an environmentally sound industry, one that is entirely carbon neutral.
“We can help the private aviation community support verified projects worldwide, making it easy for them to meet sustainability goals”, said Kenny Ricci, the president of 4AIR.
4AIR rating program
In addition to the IATA purchase, 4AIR operates a rating program, the first and only rating system dedicated to sustainability in the aviation industry.
The industry-first framework allows anyone in private aviation—companies or individuals who own aircraft, fractional shares, jet cards, or even those who charter flights—to reduce their carbon footprint.
4AIR’s four levels
Bronze: Carbon Neutral
Participants are allowed to be carbon neutral by offsetting their C02 emissions with verified carbon offset credits. 4AIR measures the client’s carbon emissions and develops a comprehensive plan for credit purchase and project selection.
Silver: Emissions Neutral
The silver level takes an emissions-neutral approach. Two-thirds of an aircraft’s environmental impact comes from non-carbon dioxide-warming pollutants such as water vapor, soot, and contrails. 4AIR Silver enables participants to be fully emissions-neutral, compensating for non-CO2 impacts with verified offsets.
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 percent of its carbon footprint to account for both its carbon dioxide and non-carbon dioxide emissions.
Gold: Emissions Reduction
4AIR Gold enables participants to go beyond being emissions neutral to reducing emissions by 5%. Solutions include operational improvements, low-emitting aircraft, and the use of Sustainable Action Fuel.
Platinum: Climate Champion
4AIR Platinum ensures that participants support new technology in aviation and contribute towards the Aviation Climate Fund. This nonprofit is aimed at supporting research and development in aviation sustainability.
How it works
Participants obtain a 4AIR rating by committing to a specific level. At the end of each year, 4AIR certifies the success of each company or individual based upon relevant flight data (such as actual fuel consumption) to audit the previous year’s commitment and retire final carbon offset credits earned. Those that achieve or surpass the level they had committed to would be eligible for the coming year.
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