The International Civil Aviation Authority reached an agreement yesterday on a market-based system to curb carbon emissions by 2020. At the same time, ICAO rejected a European demand to allow the EU impose its own emissions tax plan on non-European carriers in the mean time. This last item is key because it should avert a potentially disastrous trade war.
That’s all for now, because my flight is boarding — more later today. In the meantime, a good summary is available from Reuters here.