Aviation is estimated to be responsible for around 3.5% of current man made global warming but, as a result of the predicted increase in air traffic in coming decades, this figure will increase. How will Governments and airlines reconcile the growth in the sector’s emissions with increasingly stringent targets for global greenhouse gas ("GHG") emission reduction?
The key international driver for GHG reduction in the United Nations Framework Convention on Climate Change ("UNFCCC"). Signed by over 160 countries in 1992, the UNFCCC contains an undertaking by developed countries to limit GHG emissions. The subsequent Kyoto Protocol develops this undertaking further by placing binding quantified emissions limitation or reduction commitments on a number of developed countries (the so called "Annex I countries") to be achieved by the end of the first period (2008-2012). It is anticipated that agreement will be reached on the emissions reduction commitments for subsequent periods at some
