This has already been mostly priced

The annual limit for the aviation industry began at 97 percent of average discharges from 2004 to 2006, falling to 95 percent in 2013. Airlines were given emission permits making up 85 percent of the industry cap for free. EU emission permits for delivery in 2013 declined 0.2 percent to 5.42 euros ($7.31) a metric ton at 4:24 p.m. on London's ICE Futures Europe exchange. International aviation forms a significant proportion of the EU carbon market's demand over the next seven years and its removal will be a "fundamentally bearish development," according to Konrad Hanschmidt, a London-based analyst at Bloomberg New Energy Finance."This has already been mostly priced in over the past year, as the political opposition to the ETS inclusion has been so overwhelming from outside the EU," he said by e-mail. "The EU's strategy has however sped up the negotiation of an international market mechanism for aviation which would be a better long-term outcome."United Continental Holdings Inc. (UAL), the world's largest airline, has been lowering its emissions by replacing older aircraft with more efficient jets such as the Boeing Co. 787 Dreamliner, Mary Ryan, a spokeswoman for the Chicago-based company, said in an e-mail. Airlines also need governments to invest in and improve aviation infrastructure in the U.S. and abroad, while also supporting the advancement of lower-carbon fuels, according to Ryan. Beyond the stronger than ever recognition of the role of human activities in the climate crisis, the report will also highlight the diversity of pollutants involved in the process. Since the last IPCC report, scientists have increasingly highlighted the importance of targeting action not only at carbon dioxide (CO, the most common greenhouse gas emitted by humans), but also at other gases - including black carbon, methane and hydrofluorocarbons (HFC). These are labelled "short-lived climate forcers" (SLCF) due to their shorter lifespan in the atmosphere.While stabilising the increase of temperatures in the long term requires strong measures to reduce CO emissions, cutting SLCF pollution could provide greater immediate benefits for the climate system.