Guyana joins global aviation carbon market alliance as IATA seeks to expand carbon credit supply

Guyana has joined a new international partnership that aims to increase the supply of carbon credits used by airlines to offset their greenhouse gas emissions.

The International Air Transport Association (IATA) announced on Tuesday that Guyana, along with Madagascar, the United Kingdom, Zambia and Zimbabwe, has joined an alliance that supports the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

The airlines and aviation stakeholders are: Air Asia, Air France-KLM, All Nippon Airways (ANA), Austrian Airlines, China Airlines, Corsair, Egyptair, IAG, Japan Airlines, KM Malta Airlines, Lufthansa Group, Pegasus Airlines, Qatar Airways, Scoot, Singapore Airlines, SWISS, along with the Arab Air Carriers’ Organization and Airbus.

The programme allows airlines to purchase approved carbon credits to help offset emissions from international flights as the aviation industry works towards reducing its environmental impact.

IATA said demand for these carbon credits is expected to grow significantly over the next few years, and the alliance will help countries make more credits available while ensuring they meet international standards.

Guyana’s participation is expected to strengthen its position in the global carbon market. The country has already earned international recognition for protecting its vast forests and selling carbon credits based on the emissions those forests help to absorb.

Marie Owens Thomsen, IATA’s Senior Vice President for Sustainability, said the addition of new countries shows growing support for building a reliable supply of carbon credits for the aviation sector.

The alliance now includes 50 members, among them governments, airlines, aircraft manufacturers and carbon market organisations.

CORSIA was developed by the International Civil Aviation Organization (ICAO) and is designed to help limit the growth of carbon emissions from international aviation. Airlines can meet part of their obligations under the scheme by purchasing approved carbon credits from countries and projects that reduce or remove carbon dioxide from the atmosphere.
For Guyana, the move could create additional opportunities to benefit from its forest conservation efforts while supporting global efforts to reduce aviation emissions.