8 October 2010: The 37th Session of the Assembly of the International Civil Aviation Organization (ICAO), which took place from 28 September-8 October 2010, in Montreal, Canada, concluded with the adoption of a globally harmonized agreement and roadmap for action on carbon dioxide emissions though 2050.

The agreement builds on goals and systems initiated at the last session of the ICAO Assembly in 2007, which saw the creation of: a global target of improving aviation fuel efficiency 2% per year up to 2050; a framework for development and deployment of alternative fuels; and a target to create a carbon dioxide standard for aircraft by 2013.

New to this agreement is the development of a framework for market-based measures (MBMs) to reduce carbon dioxide output including a feasibility study on a global MBM scheme, as well as guiding principles for States to use when designing and implementing MBMs. In addition, the agreement contains provisions on: mechanisms for technology transfer and assistance to developing States; a requirement for States to submit action plans for reaching environmental targets; assistance for States to meet objectives; and an exemption from MBMs for States with very low emissions (less than 1% of global total air traffic).[ICAO Press Release] [ICAO 37th Assembly Website]