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Indian Economy - Understanding the basics of Indian economic system
Context: The Ministry of Civil Aviation (MoCA) has announced has recently announced that India will start participating in the International Civil Aviation Organisation's (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and the Long-Term Aspirational Goals (LTAG) from 2027.
Background: The ICAO has been tasked to reduce carbon emissions from international civil aviation as one of its focus areas.
In order to mitigate carbon emissions from aviation and its impact on climate change, the global body has adopted several key aspirational goals. Among them are:
1) 2% annual fuel efficiency improvement through 2050,
2) carbon neutral growth and
3) net zero by 2050.
The ICAO has clubbed these goals under CORSIA and LTAG.
CORSIA is the first global market-based measure for any sector and represents a cooperative approach.
It seeks to neutralize international aviation CO2 emissions from 2021 to 2019–2020 levels via offsetting programmes.
Financial implications due to offsetting have to be borne by individual airlines, depending upon their international operations.
CORSIA is applicable only to flights originating from one country to another.
CORSIA will be implemented in three phases, including a pilot and a voluntary phase. The mandatory phase for all ICAO member states would be in force from 2027 to 2035.
Note: India has decided not to participate in the voluntary phases of CORSIA.
The 41st ICAO Assembly adopted a long-term global aspirational goal (LTAG) for international aviation of net-zero carbon emissions by 2050 in support of the UNFCCC Paris Agreement’s temperature goal.
The LTAG does not attribute specific obligations or commitments in the form of emissions reduction goals to individual States. Instead, it recognizes each State’s special circumstances and respective capabilities.
Reducing Greenhouse Gas Emissions: Joining CORSIA and striving towards the LTAG will help reduce the greenhouse gas emissions from international aviation. This is essential for combating climate change and protecting the environment.
India also has set an ambitious target of achieving Net Zero by 2070.
India also has committed to reduce its Carbon intensity of its economy by 45% by 2030.
Increasing Sustainability: CORSIA and the LTAG encourage airlines to adopt more sustainable practices, such as using more efficient aircraft, reducing fuel consumption, and investing in renewable energy.
It is a specialized agency of the United Nations that was created in 1944 to promote safe, secure, and efficient air transportation around the world.
ICAO develops international standards and recommended practices for aviation, including regulations for air navigation, communication, and airport operations.
It also works to address global aviation issues, such as air traffic management, aviation security, and environmental protection.
It is headquartered in Montreal, Canada.
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