Given the transnational nature of the industry, a global, cap-and-trade, ‘open-architecture’ ETS underpinned by ambitious targets, a compliance regime and common methodologies should be negotiated multi-laterally to address the prevailing market failing. Particular priorities for negotiating impasse are the seeming clash between the UNFCCC’s CBDR&RC and ICAO’s ‘equal treatment’ principles, as well as the vexing question about how revenues could be hypothecated and re-invested towards the accelerated decarbonisation of the sectors as part of the global green economy revolution.