On October 5, 2016, 190 countries agreed to the creation of the first ever global market-based measure (GMBM) and Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) designed by the International Civil Aviation Organization (ICAO). As of October 12, 2016, 66​​​ States representing more than 86.5​​​​% of international aviation activity, intend to voluntarily participate in the global MBM scheme from its outset. Pilot phases begin in 2021 and 2024, with mandatory adoption by 2027.

According to the International Civil Aviation Organization, CORSIA will address CO2 emissions from international aviation, which are not included under the UNFCCC and its Paris Agreement, and therefore are not included in countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement. Agreement on a global MBM scheme for international aviation (CORSIA) therefore complements the level of ambition set by the 2015 UNFCCC Paris Agreement.

Agreement on CORSIA would constitute the most significant climate agreement since adoption of the Paris Agreement, and a resolute step from the international community in its efforts to mitigate greenhouse gas emissions by taking sector-wide action at a global level.