"First Global Emissions Market for Airlines Wins Support"
"China, India and the U.S. joined others nations in approving a road map for building the first global market to reduce emissions from the $708 billion airlines industry."
"The executive committee of the International Civil Aviation Organization’s assembly backed a draft measure that would set final details in 2016 for a market starting in 2020. The restrictions for airlines, which need approval at a plenary meeting tomorrow, is unprecedented for a single global industry.
In a blow to the European Union, envoys gathered in Montreal declined to validate its plan to include aviation in the EU emissions trading system prior to the start of the international program. Russia, Argentina and others rejected the 28-nation EU’s offer to scale back the geographic scope of its carbon curbs on airlines in exchange for a global commitment to reduce pollution from the industry, which emits 2 percent of greenhouse gases globally."
SEE ALSO:Source: Bloomberg, 10/04/2013