Base Carbon Inc. said its Rwanda Cookstoves Project has received full eligibility and tagging under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), enabling the first sales of CORSIA-eligible carbon credits from the project.
The project is among the first globally to be designated Verra CORSIA – First Phase (2024–2026) eligible, allowing credits to be sold immediately into international aviation offsetting markets. CORSIA, administered by the International Civil Aviation Organization, underpins the aviation sector’s commitment to carbon-neutral growth from 2020.
Base Carbon said demand for CORSIA Phase 1 credits—covering compliance years 2024 to 2026—is estimated at between 146 million and 236 million units, creating a significant market opportunity for eligible, high-quality credits. To secure formal CORSIA tagging on the Verra registry, the company’s project partner, DelAgua Group, completed a series of technical requirements, including migrating the project to the latest methodology, obtaining insurance to address corresponding adjustment obligations, and executing a deed agreement with Verra.
In recent weeks, Base Carbon has contracted the sale of 300,537 CORSIA-eligible credits from both company-held inventory and credits held by DelAgua under a revenue-sharing arrangement. These transactions mark the company’s first monetisation of CORSIA-eligible credits, with financial settlement expected in the coming weeks. The company said it remains engaged in further sales negotiations and requests for proposals.
Prior to the sales, Base Carbon held 1,076,230 Rwanda carbon credits in inventory, including 733,874 CORSIA-eligible credits and 342,356 credits already included in Rwanda’s first Biennial Transparency Report under the Paris Agreement. The company also has economic exposure to a further 243,973 CORSIA-eligible credits through its arrangement with DelAgua. Base Carbon expects regular biannual issuances following the project’s methodological update completed last year.
“CORSIA tagging is a key validation milestone of our strategy,” said Michael Costa, chief executive of Base Carbon. “Initial sales further confirm our business model and portfolio positioning. With growing demand from airlines and limited current supply of eligible credits, we believe our inventory and future issuances are well positioned as the CORSIA market continues to mature.”
