News & Analysis as of

Carbon Offset and Reduction Scheme for International Aviation (CORSIA)

Mayer Brown

Emissions on International Flights: ANAC Publishes Regulations Incorporating Corsia Rules in Brazil

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On May 14, 2024, Brazil’s National Civil Aviation Agency (“ANAC”) approved Resolution No. 743/2024 (“Resolution”), which regulates the monitoring and offsetting of carbon dioxide (“CO2”) emissions on international flights....more

Latham & Watkins LLP

US Government Releases High-Integrity Principles for the VCM

Latham & Watkins LLP on

The joint policy statement and principles provide integrity standards for carbon credits that both the US government and participants in the voluntary carbon market should aim to follow. On May 28, 2024, the Biden...more

Morgan Lewis

Countdown to (Net) Zero: Aviation Industry Aims for Total Carbon Removal by 2050

Morgan Lewis on

The International Air Transport Association (IATA) and its more than 300 airline members have committed to achieving net-zero carbon emissions by 2050, a goal largely driven by the industry’s use and investment in sustainable...more

King & Spalding

Treasury and IRS Issue Additional Guidance on Section 40B Sustainable Aviation Fuel Tax Credit

King & Spalding on

Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides tax credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer...more

Vinson & Elkins LLP

Sustainable Aviation Fuel in Latin America

Vinson & Elkins LLP on

As the aviation market moves towards a more sustainable future and fuel source, Brazil and other Latin American countries are likely to serve as key production locations for SAF due to their unique natural endowments and...more

Holland & Knight LLP

Guidance, Model Provide Additional Clarity for 40B Sustainable Aviation Fuel Tax Credit

Holland & Knight LLP on

The U.S. Department of the Treasury and IRS released Notice 2024-37 on April 30, 2024, regarding the Sustainable Aviation Fuel (SAF) Tax Credit found at Section 40B of the Internal Revenue Code as an income tax credit and...more

King & Spalding

IRS and Treasury Issue Guidance on Section 40B Sustainable Aviation Fuel Credit

King & Spalding on

Section 40B of the Internal Revenue Code of 1986 (the “Code”) enacted by the Inflation Reduction Act of 2022 (the “IRA”) provides credits for each gallon of sustainable aviation fuel (“SAF”) sold or used by a taxpayer before...more

Vedder Price

CORSIA – it’s (almost) crunch time

Vedder Price on

As part of the global UN-led effort to tackle climate change, the aviation sector has agreed a basket of measures to decarbonize the industry and achieve net zero carbon emissions by 2050. One of those measures is the Carbon...more

Bracewell LLP

Treasury Department and IRS Release Guidance With Respect to the Sustainable Aviation Fuel Credit

Bracewell LLP on

On December 19, 2022, the Treasury Department and the IRS released Notice 2023-6 (the Notice), which provides guidance with respect to the credit for sustainable aviation fuel (SAF). The Inflation Reduction Act of 2022 (the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

The High-Integrity Sustainable Aviation Fuels Handbook: Environmental Defense Fund Announces Publication

The Environmental Defense Fund (“EDF”) announced the release of a publication titled: The High-Integrity Sustainable Aviation Fuels Handbook (“Handbook”) - The Handbook is authored by Pedro Piris-Cabezas....more

Jones Day

Sustainability in Aviation: Significant Efforts Underway to Reduce Greenhouse Gas Emissions

Jones Day on

The aviation industry, including air carriers and aircraft manufacturers, has taken significant steps toward increasing the environmental sustainability of the industry. Overall, many airlines have demonstrated a commitment...more

MoFo Life Sciences

UK’S New Emissions Trading Scheme Hosts First Auctions

MoFo Life Sciences on

On January 1, 2021, the UK launched its very own emissions trading scheme (the “UK ETS”) exercising its autonomy since departing the EU. Under this scheme, companies operating in certain sectors can trade emission allowances...more

Sheppard Mullin Richter & Hampton LLP

Six Key Items to be Aware of Today Regarding the Equator Principles IV

On October 1, 2020, the fourth edition of the Equator Principles came into effect. This fourth edition expands the scope of infrastructure projects that are captured by the principles and creates additional obligations for...more

BCLP

Carbon pricing in the UK/Europe: ETS and CORSIA developments

BCLP on

Operators in the aviation sector and the ‘stationary sectors’ (power generation, energy intensive industries, etc.) should note that the environmental regulatory framework for carbon pricing and emissions trading in the...more

Sheppard Mullin Richter & Hampton LLP

The Sheppard Mullin Six: FERC Carbon Pricing Policy

Here are six key items to be aware of today concerning FERC Carbon Pricing Policy: 1. FERC issues Policy Statement on carbon pricing. On October 15, 2020, during a FERC webcast technical conference on “Carbon Pricing in...more

Sheppard Mullin Richter & Hampton LLP

CORSIA Baseline Emissions Decision

The International Civil Aviation Organization (ICAO) has determined that 2019, rather than 2020, will be used as the emissions baseline for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).  Here...more

BCLP

CORSIA: How it works and issues for discussion

BCLP on

The aviation sector accounts for approximately 2% of annual carbon emissions resulting from human activity. Prior to the onset of the global Covid-19 pandemic, passenger numbers were expected to increase to 8.2 billion by...more

Beveridge & Diamond PC

CORSIA Updates: ICAO Drops 2020 Emissions from CORSIA Baseline and Launches the CORSIA Central Registry

Despite a historic and costly slowdown in air travel due to COVID-19 impacts, the Carbon Offsetting and Reduction Scheme for International Airlines (CORSIA) continues to advance in several key areas. During its June Session,...more

Beveridge & Diamond PC

CORSIA Updates: Baseline Decision Imminent and New Offset Programs in the Works

Beveridge & Diamond PC on

Despite a historic and costly slowdown in air travel due to COVID-19 impacts, the Carbon Offsetting and Reduction Scheme for International Airlines (CORSIA) continues to advance in several key areas. Recent developments...more

Beveridge & Diamond PC

ICAO Approves Initial Carbon Offset Programs for CORSIA

Participants in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) now have increased certainty over eligible carbon offsets. At its March 2020 Council meeting, the International Civil Aviation...more

(ACOEL) | American College of Environmental...

CARB Continues Global Leadership Role on Climate with Adoption of Tropical Forest Standard

After nearly a decade of work, on September 19, 2019, the California Air Resources Board (CARB) endorsed its much anticipated Tropical Forest Standard (TFS). The TFS is a first-of-its-kind framework for assessing...more

Bergeson & Campbell, P.C.

IATA Approves CORSIA Resolution

On June 2, 2019, the International Air Transport Association (IATA) announced the approval, by the IATA 75th Annual General Meeting (AGM), of the United Nations’ (UN) International Civil Aviation Organization (ICAO)...more

Vedder Price

ICAO CORSIA Update: Compliance Complexities Under ICAO’s New Carbon Offsetting Scheme

Vedder Price on

Airlines and airline associations have broadly welcomed ICAO’s new carbon offsetting scheme, scheduled to commence on January 1, 2019. However, the scheme’s Standards and Recommended Practices (the SARPs) impose an immediate...more

Vedder Price

Global Transportation Finance Newsletter - December 2018

Vedder Price on

In This Issue: - Federal Safe Harbor from Liability Expanded for Aircraft Lenders and Lessors - ICAO CORSIA Update: Compliance Complexities Under ICAO’s New Carbon Offsetting Scheme Federal Safe Harbor from Liability...more

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