Climate change has emerged as one of the most important political and business issues of our time. Global consensus around the need to reduce carbon and other greenhouse gas emissions continues to grow. In Europe, the European Union Emissions Trading Scheme (EU ETS) to cap and curb emissions has been in place since 2005.l. The initial reach of the EU Emissions Trading Scheme (EU ETS) was limited to the CO2 emissions of stationary sources. Recently the European Commission has agreed to a proposal to extend the reach of the scheme by targeting the CO2 emissions of aircraft as well. Aircraft operators need to treat their inclusion in the EU ETS as a strategic business issue rather than merely a matter of environmental compliance.
The first compliance period for aviation will start and end in 2012. The second period will run from 2013 to 2020. Allowances for both periods will be granted on the basis of an application. This application needs to be based on a report stating the transported passengers and cargo measured as tonne kilometres (RTKs) for 2010 on individual flight level, audited by an accredited assurance provider, such as PwC. Emissions need to be reported and audited by 2010 as well, but allowances only need to be surrendered as from 2013. By 2010, aircraft operators need to have a reliable monitoring system in place - for this so called monitoring plans have to be submitted as early as mid-2009 to the competent authority.
PwC Services
With emission trading specialists in 40 countries worldwide, PricewaterhouseCoopers is the biggest and most talked-to climate change practice. We advise on corporate strategy and public policy in relation to climate change, carbon markets and offsets. PwC is a leading independent carbon verifier, with a network of accreditated verifiers in all EU Member States. We act as verifier for more than 300 companies in different sectors across Europe, applying the rigour and approach used in financial audits to deliver a consistent high standard of work to our clients. PwC works with both buyers and sellers of carbon credits in all the main carbon markets, offering a full range of transaction services, including financial advice, tax structuring, auctions and carbon due diligence. PwC also has a global network of specialists in the taxation of emissions trading throughout Europe. Our Transportation & Logistics industry practice provides industry-focused assurance, tax and advisory services. We can help our aviation clients effectively manage performance improvement, sustainability, operational risk management, tax, audit, finance and other business challenges. Through our global network, we can draw upon the in-depth industry experience of specialists in every country your company operates in. Our people can help you deal with the challenges of today, and they understand the implications for tomorrow.
