The agreement between airlines, airports and aircraft companies was presented to world leaders at the UN’s climate summit in New York.
Increased air fares will follow the action plan, which is also expected to prompt a race for green technologies among aircraft manufacturers.
The plan is thought to be an attempt to seize the initiative before December’s UN climate conference in Copenhagen, when environmental groups are expected to increase pressure on the industry over its emissions.
Mr Walsh said: “International aviation emissions were not included in the Kyoto protocol 12 years ago. Now we have a chance to rectify that and we must seize it.
“Our proposals represent the most environmentally effective and practical means of reducing aviation’s carbon impact. We urge the UN to adopt them.”
The proposals, drawn up by the International Air Transport Association (IATA), also pledge to make all industry growth carbon-neutral by 2020 and cut carbon dioxide emissions by 1.5% per year over the next decade. It also plans to submit proposals for a global carbon-trading scheme to the UN by November 2010.
Aviation is responsible for 1.6% of global emissions but will become the biggest in the world if it continues to grow at its current rate.
An independent advisory body, the Committee on Climate Change, has warned that aviation will produce one-quarter of all emissions by 2050 even if capped at 2005 levels.
IATA predicts airlines will lose $11bn (£6.8bn) this year through green taxation, with carbon permits likely to provide further stress.
It said a global carbon emissions permit trading system should be introduced to encourage cuts, rather than further taxation on air travel.
British Airways said: “Carbon trading gives airlines a direct incentive to reduce emissions. Taxes do not.”
Lang Banks, spokesman for the World Wildlife Fund Scotland, described the industry action as “long overdue”, but warned that the proposals may not be robust enough.
He said: “We welcome the fact that some in the industry want to see it part of a new deal. However, the cuts are nowhere near the ambition needed to keep our climate safe. Worse still, this proposal would allow potentially unlimited offsetting of emissions – allowing airlines to carry on business as usual.
“The aviation industry needs to work much faster to make real and rapid reductions in its emissions, and must recognise this cannot be reconciled with unconstrained growth and more new airports.”
Willie Walsh
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