ICAO, the international environmental organization, is seeking to slash its climate change agenda to the tune of $1 billion in 2020, the group said in a statement.
ICAOs members must approve the new plan, which was signed on Thursday, by Jan. 31.
In announcing the plan, ICAOs said it aims to “protect the climate” and reduce greenhouse gas emissions in 2020.
The pact is expected to reduce global emissions by between 6 percent and 12 percent in 2020 compared with 1990 levels, according to a report by the Stockholm Environment Institute.
“This agreement is a great achievement in the fight against climate change and will have an important effect on the international agenda,” ICAO Secretary-General Irina Bokova said in the statement.
“It is the first time ICAOS has put forward a climate-related initiative in a long time.
We are grateful to all of our partners for their efforts.”
ICAOS member states are the world’s largest greenhouse gas emitters, and have the second-highest carbon footprints after China.
Environmentalists say the plan will only worsen climate change.
A new report released by the International Council for the Environment (ICEE), a Paris-based organization, said the agreement will result in an increase in emissions of greenhouse gases of 10.7 percent in 2025 compared with 2025, compared with 5.5 percent for the 1990 pact.
Iceland, the only non-member country to ratify the pact, said it would reduce emissions by 3.1 percent compared with 2020 levels.