Global Market Based Measures (GMBMs), a potential means for limiting or reducing carbon emissions, have been under consideration of International Civil Aviation Organisation (ICAO) for many years.
At the 38th Session of ICAO Assembly in September 2013, a decision was taken to develop a GMBM scheme to limit CO2 emissions in the aviation sector.
"In the recent past, governments have shown willingness to come to an agreement in the climate space area. In December last year, we had the Paris agreement on UNFCCC and in February at ICAO, governments agreed on a CO2 certification standard for new aircraft.
Gill, however, said the exercise was a political process and in any such processes there is no guarantee of a final outcome until an agreement has been signed.
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The proposed GMBMs are to be implemented in the form of an offsetting scheme which require participants to offset their CO2 emissions above an agreed level by carbon emission trading.
"Offsetting scheme is the fourth pillar of strategy, it's an economic measure to allow us to achieve this carbon-neutral growth target of 2020 where the other three pillars have not quite got us to that target," he said.
According to aviation experts, the mechanism, when it comes into force, will lead to an imposition of tax on flights which airlines might recover from passengers in the form of additional charges.
UN aviation watchdog, ICAO is scheduled to discuss the proposal at its 39th Assembly session to be held in September- October this year.