Linking the ICAO Global Market-Based Mechanism to REDD+ in Colombia

The International Civil Aviation Organization and its 191 member States agreed in October 2016 to implement a Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to limit future increases in greenhouse gas emissions from the sector. This market-based scheme creates a potential global demand of over 2 billion tonnes of investment-grade emissions reductions from 2021 to 2035.

Colombia could meet some of this demand through its current and projected supply of emissions reduced from deforestation and forest degradation, and through forest restoration. By choosing to participate in the early Phases of this scheme, starting in 2021, the Colombian Government could generate more than $300 million in additional investment at an estimated cost of $23 million to its aviation industry, which represents a small fraction – less than 0.4 percent – of global emissions from international aviation.