According to Centre for Aviation ICAO is developing global framework for market based measures. Pretty much no one is happy with the current EU ETS, ICAO is in the middle of it and has to come up with a solution to get the majority in agreement. The Centre of Aviation states "The technical study will be completed by the end of this month and ICAO’s work in 2012 will be dedicated to the identification and development of a framework for market-based measures and a global scheme."
My response to the EU ETS is a little over board. Too think that will cost billions (over years) all for something that can not be prevented. It says something when 21 countries are opposed to the ETS. I feel like its a scam for the EU to get money. It would be different if we had a solution to get rid of the emissions but technology has not got that far yet. I think the EU just needs to sit back and relax and realize how big of an impact this will have not only on the world airline industry, but also businesses and factories who this will affect as well.
I have mixed feelings on how ICAO should handle global aviation emissions. You cant treat every place the same because its not. More emissions will be given off according to the location. The hotter it is more emissions will be given off, so how can you treat Africa and the Middle East where it is hot pretty much all year long to somewhere cold. ICAO is in a tough situation to handle global aviation emissions. But I believe ICAO should implement greener flying. With newer aircraft coming out giving out less emissions just let technology come and be patient, I believe ICAO should invest into alternative ways for fuel i.e algae, soybeans, corn. We will never be able to get rid of emissions but investing into greener flying, it will make our world a cleaner place.