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The Ticking Carbon Clock

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It doesn't seem so long ago that the air transport industry was hailing the achievement of gaining global consensus on the CORSIA carbon offsetting scheme. But 2016, when the CORSIA agreement was struck, also seems like eons ago with all that has happened to the world and the air transport industry since then. The pandemic, of course, sliced through the notion that the world's airlines, at least as a collective, could be consistently profitable and that year-on-year growth in demand for air travel was inevitable. But an even harder reality is sinking in today even as air travel demand is recovering and surging in some regions.That's the sustainability reality. World politics and climate change urgencies have ramped up the expectation that airlines can't just offset their carbon emissions; they must decarbonize. That's an entirely different proposition and the industry's commitment to do that, agreed by IATA members in 2021 when they voted to be net-zero by 2050, is starting to look un- comfortably close and eye-wateringly expensive.

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