The International Chamber of Commerce (ICC) has reportedly entered a partnership with a government-supported firm from Singapore, in an effort to generate a solution minimizing carbon emissions in commercial aviation. 

Specifically, on December 10, the ICC revealed that an alliance among itself, Perlin and blockchain-powered carbon offset exchange AirCarbon will authorize a sum of $40 billion, dedicated to projects that address the climate-related issues in the aviation sector. 

The plan for the initiative was jointly announced at the United Nations Conference on Climate Change, or COP 25, hosted in Madrid.

“As part of ICC’s declaration for the next century of global business, we are committed to making climate action everyone’s business by supporting the research, development, and deployment of digitally-enabled solutions. This partnership will harness the power of technology to accelerate innovation, and inspire real, concrete action to keep our air carbon-free.” ICC Secretary General John W.H. Denton shared his remarks regarding the news. 

The next part for the ICC is to further the adoption rate of AirCarbon’s carbon credits tool, which will reportedly serve as a trading network, powered by blockchain, for CORSIA. This is the currently employed carbon offset scheme of the International Civil Aviation Authority.