Aviation Carbon Market — Canopy

CORSIA — Carbon Offsetting & Reduction Scheme

ICAO's Global Aviation Carbon Market — Compliance Guide

ICAO's global framework to cap net CO₂ emissions from international aviation. Airlines must address emissions growth above a 2019–2020 baseline through Sustainable Aviation Fuel (SAF) and CORSIA Eligible Emission Units (EEUs). Phase 1 (2024–2026) is active with 130 participating states.

Market Snapshot ● Phase 1 Active
Participating States
130
Offset Demand (2024–26)
100–150 Mt
EEU Price Range
$18–30
SAF Production (2024)
1M t
Market Type Global Aviation Carbon Market
Governing Body ICAO (UN)
Compliance Routes SAF + EEUs
Approved Registries Verra, GS, ACR, CAR, GCC, ART
Phase 2 2027–2035 (Mandatory)
Cumulative Demand to 2035 980–1,500 Mt
130
Participating States
90%+
Of Int'l Aviation Activity
100–150
MtCO₂e Phase 1 Demand
6
ICAO-Approved Registries
2027
Mandatory Phase Begins
Market Mechanics

How CORSIA Works

CORSIA requires airlines operating international flights between participating states to monitor, report, and address CO₂ emissions growth above a COVID-adjusted baseline (85% of 2019 emissions). It doesn't cap total emissions — it requires airlines to offset growth through two compliance routes.

Route 1: Sustainable Aviation Fuel (SAF) — Use ICAO-eligible SAF to directly reduce lifecycle emissions (typically 60–80% vs. conventional jet fuel). SAF reductions count against your CORSIA obligation, and strategic deployment captures significant incentive value through programmes like US RINs, 45Z, Canada CFR, and EU ReFuelEU.

Route 2: Eligible Emission Units (EEUs) — Purchase carbon credits from ICAO-approved registries (Verra, Gold Standard, ACR, CAR, GCC, ART) to offset remaining emissions. Credits must carry Article 6 corresponding adjustments and host-country Letters of Authorisation (LoAs).

Most airlines use both: SAF where incentive economics work or mandates apply (US routes, EU routes under ReFuelEU), and EEUs for the remainder. The market is structurally short — ICAO projects 980–1,500 million tonnes of cumulative offset demand through 2035, while eligible supply remains extremely limited.

2016
CORSIA Adopted by ICAO
ICAO adopts CORSIA as the world's first global, sector-wide carbon market for aviation — addressing the 30% growth in international aviation emissions between 2013 and 2019.
2021–2023
Pilot Phase
Voluntary participation by 88 states. Airlines begin emissions monitoring, reporting, and establishing MRV infrastructure. Baseline set at 85% of 2019 emissions (COVID-adjusted from original 2019–2020 average).
2024–2026
Phase 1 — Active Now
130 participating states representing 90%+ of international aviation activity. Airlines face real compliance obligations: 100–150 MtCO₂e offset demand in this phase alone. EEU prices at $18–30/tCO₂.
2027–2035
Phase 2 — Mandatory
Mandatory for most ICAO states (exemptions only for least developed, small island, and landlocked developing states). Individual allocation replaces sector-wide — high-growth airlines face disproportionately higher costs.
Through 2035
980–1,500 Mt Cumulative Demand
ICAO projects massive cumulative offset demand while SAF remains below 1% of global jet fuel and CORSIA-eligible offsets are restricted to a narrow, supply-constrained pool.
Compliance Routes

Two Pathways to CORSIA Compliance

Airlines meet their CORSIA obligation through a blend of SAF deployment and EEU procurement. The optimal mix depends on route network, regional incentives, and mandate requirements.

Route 1
Sustainable Aviation Fuel (SAF)
Reduce Lifecycle Emissions 60–80%
ICAO-eligible SAF directly reduces lifecycle emissions. When deployed strategically, SAF captures significant incentive value from stacking programmes across jurisdictions. Global SAF production reached 1M tonnes in 2024, with 2.1M tonnes expected in 2025.
  • Reduces lifecycle emissions by 60–80% compared to conventional jet fuel
  • Regional incentive stacking available across US (RINs + 45Z), Canada (CFR), and EU (ReFuelEU)
  • EU SAF is mandatory under ReFuelEU Aviation — 2% in 2025, scaling to 70% by 2050
  • HEFA, Fischer-Tropsch, ATJ, and FT+DAC pathways eligible under ICAO
Route 2
Eligible Emission Units (EEUs)
ICAO-Approved Carbon Credits
Offsets act as a compliance backstop for airlines. ICAO sets strict eligibility rules — only high-integrity, host-country-authorised credits from approved registries qualify. Actual eligible supply is extremely limited after all filters are applied.
  • 6 ICAO-approved programmes: Verra, Gold Standard, ACR, CAR, GCC, ART
  • First crediting period must begin on or after 1 Jan 2016
  • Vintages must fall within 2021–2026
  • Host-country Letter of Authorisation (LoA) confirming corresponding adjustment required
  • Programme-specific methodology and activity type exclusions apply
  • Article 6 labels carry mandatory insurance from empanelled agencies (Munich Re, Swiss Re)
  • Article 6 credits trade at $2–5/tCO₂ premium — non-negotiable for CORSIA compliance
Market Design

Key Design Features

CORSIA introduces ICAO-level governance with strict eligibility filters, Article 6 integrity requirements, and a phased expansion — creating a structurally short market with rising compliance liabilities.

Article 6 Corresponding Adjustments

Credits issued from 2021 onwards must have corresponding adjustments applied under Paris Agreement Article 6, preventing double-counting between airline offsets and host-country NDC claims. Mandatory insurance from empanelled agencies guarantees replacement if CAs fail.

Structurally Short Supply

ICAO projects 980–1,500 million tonnes of cumulative demand through 2035, while SAF production remains below 1% of global jet fuel and eligible offsets are restricted to a narrow pool. This persistent imbalance supports durable pricing for CORSIA-qualified credits.

Phased Expansion

Pilot Phase (2021–23, voluntary) → Phase 1 (2024–26, 130 states) → Phase 2 (2027–35, mandatory for most). Phase 2 shifts to individual allocation, meaning your obligation reflects YOUR growth, not the industry average.

Strict Eligibility Filters

Only 6 ICAO-approved registries. Credits must have crediting periods starting ≥ Jan 2016, vintages 2021–2026, host-country LoAs, and programme-specific exclusions. These filters dramatically reduce the pool of actually eligible supply.

Multi-Jurisdiction Interaction

CORSIA overlaps with EU ETS (intra-EU flights), ReFuelEU Aviation (EU SAF mandates), Canada CFR, US RINs/45Z, and provincial programmes. Airlines must navigate dual compliance and optimise SAF deployment across jurisdictions to minimise total cost.

Covered Operators

Airlines operating international flights between participating states with aircraft > 5,700 kg MTOW and > 10,000 tCO₂ annually on covered routes. Over 120 countries representing 90%+ of international aviation activity are committed.

Canopy for CORSIA

How Climate Decode Helps

Canopy helps airlines and operators calculate CORSIA residual obligations, curate eligible EEUs and SAF credits, manage end-to-end procurement, and build audit-ready reports for ICAO and regulatory compliance.

Residual Calculation

Calculate CORSIA offsetting requirements by route, phase (Pilot/Phase 1/Phase 2), and growth factor methodology. Quantify EEU demand per compliance period and SAF contribution shortfalls. Benchmark against peer airline fleets.

AI Curator

Discover & shortlist the right instruments. Curated EEUs from 6 ICAO-approved registries (ACR, ART, CAR, GCC, Gold Standard, Verra) ranked by relevance, geography, quality, vintage, and peer alignment. Policy guardrails ensure CORSIA eligibility.

RFQ Builder

Send RFQs to CORSIA-eligible EEU suppliers and SAF producers. Compare quotes across regions and incentive programmes. Track responses, pricing, and delivery timelines. Manage validity windows and supplier negotiations.

Portfolio Optimisation

Build optimal EEU + SAF portfolio balancing cost, quality, and compliance risk. AI-generated strategies: High Quality, Removals, Balanced, Cost Effective. Account for route-specific economics and multi-year compliance periods.

Procurement Management

End-to-end procurement for EEUs and SAF credits. Spot & multi-year contracting. Track credit delivery, retirement, and ICAO reporting requirements. PO → Invoice → Payment → Delivery → Retirement pipeline.

Reporting & Compliance

ICAO-ready compliance reports. Track offsetting obligations by state pair, manage Article 6 corresponding adjustments, and maintain audit-ready inventory of all retired EEUs. Full compliance documentation for regulatory filing.

Regional Strategy Matters

CORSIA economics vary dramatically by region. US routes deliver the best SAF economics (~$68/tCO₂) with RINs + 45Z stacking. EU routes carry mandatory SAF obligations under ReFuelEU. Canada routes benefit from CFR credit stacking. UAE and APAC face the highest CORSIA exposure with limited SAF infrastructure — EEUs dominate 90%+ of compliance. Climate Decode models the optimal SAF + EEU blend across every jurisdiction your fleet operates in.

Intelligence

CORSIA Insights & Analysis

Deep-dive analysis on aviation carbon markets, SAF economics, EEU procurement, and airline compliance from our aviation markets team. Series launching soon.

Foundational
CORSIA Series

CORSIA 101: What Airlines Need to Know Now

What CORSIA is, who must comply, how it works, and what you need to do now — including a real-world three-year compliance cost model.

Coming Soon
Article 6
CORSIA Series

CORSIA and Paris Agreement Article 6

Corresponding adjustments, host-country LoAs, empanelled insurance, and why Article 6 labels are non-negotiable for CORSIA compliance.

Coming Soon
SAF Deep Dive
CORSIA Series

CORSIA and SAF: RINs, 45Z, CFR Deep-Dive

Route-by-route SAF economics, incentive stacking across US, Canada, and EU, and net abatement cost modelling vs CORSIA EEUs.

Coming Soon
Get Notified When CORSIA Series Launches →

Sources & References

ICAO — CORSIA Official Page ↗ ICAO — CORSIA Eligible Fuels (SAF) ↗ ICAO — CORSIA Eligible Emissions Units ↗ ICAO — CORSIA State Pairs & Participation ↗ EU — ReFuelEU Aviation Regulation 2023/2405 ↗ UNFCCC — Paris Agreement Article 6 ↗
Frequently Asked Questions

CORSIA — Common Questions

Answers to the most common questions about CORSIA, airline compliance obligations, and carbon offset requirements.

What is CORSIA?

CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) is a global carbon market mechanism developed by ICAO (International Civil Aviation Organization). It requires airlines to offset the growth in their international CO₂ emissions above 2019 baseline levels by purchasing eligible emission units or using sustainable aviation fuel (SAF).

Which airlines must comply with CORSIA?

Airlines operating international flights between participating states must comply. Over 130 states are participating. The pilot phase (2021-2026) and first phase (2027-2035) are voluntary, but from 2027 onwards all states with significant international aviation activity are expected to participate in the mandatory phase. Domestic flights and routes to least developed countries are exempt.

What are CORSIA Eligible Emission Units (EEUs)?

EEUs are carbon credits from ICAO-approved programs that airlines can purchase to offset their emissions growth. ICAO has approved several programs including Gold Standard, Verra's VCS, American Carbon Registry, and Article 6.4 mechanism credits. The units must meet strict quality criteria including additionality, permanence, and no double-counting.

How does Sustainable Aviation Fuel (SAF) fit into CORSIA?

Airlines can reduce their CORSIA offsetting requirements by using SAF. The lifecycle emissions reduction from SAF is deducted from the airline's offsetting obligation. This creates a strong incentive for SAF adoption. CORSIA's SAF framework includes sustainability criteria and lifecycle emission calculation methodologies approved by ICAO.

What happens in 2027 with CORSIA's mandatory phase?

From 2027, CORSIA enters its first mandatory phase (2027-2035). All states representing at least 0.5% of international RTK (Revenue Tonne Kilometres) must participate. This significantly expands coverage beyond the current voluntary pilot phase and creates substantial new demand for eligible emission units and SAF.

How can Climate Decode help with CORSIA compliance?

Climate Decode's Canopy platform supports airlines and aviation corporates with end-to-end CORSIA compliance: eligible emission unit sourcing and due diligence, SAF pathway analysis, offset portfolio construction, MRV support, and credit retirement. The platform helps aviation clients build optimal compliance strategies that balance cost efficiency with environmental integrity.

Ready to Navigate CORSIA with Canopy?

Schedule a CORSIA Readiness Assessment with Canopy. Calculate your residual offsetting obligations, curate eligible EEUs and SAF credits, optimise procurement strategy, and build audit-ready compliance reports.