"Global Emissions Plan for Airlines Gets First UN Approval"

"The United Nations’ aviation agency approved the first steps toward a market-based approach to reduce emissions in the $708 billion airline industry."

"The International Civil Aviation Organization’s assembly of nations from the U.S. to Russia and the European Union today agreed to complete a plan in the next three years for a market to start in 2020. The accord for airlines, responsible for 2 percent of pollution worldwide, 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 international airlines in the EU emissions trading system prior to the start of the global program. Russia, Argentina and others rejected the 28-nation EU’s offer to scale back the scope of its carbon curbs in exchange for a global commitment to reduce pollution."

Ewa Krukowska reports for Bloomberg October 4, 2013.

SEE ALSO:

"EU Can Keep Airline Carbon Plan Using UN Credits, IETA Says" (Bloomberg)

"Airlines Agree to UN Carbon Pact—and Nobody Knows if It Will Work" (Bloomberg Businessweek)

"Implementing Global Aviation Emissions Plan No Simple Task" (Reuters)

"U.N. Group Moves to Develop Global Airline Emission Rules" (New York Times)

"First-Ever Global Deal Struck on Airline Carbon Emissions" (AFP)

Source: Bloomberg, 10/09/2013