Your decision to incorporate airlines in your emissions trading scheme (ETS) is vaguely unrealistic. Please note oil is over $140/barrel. We at the airlines are currently trying every trick possible to use less fuel. We really, really want to cut emissions because it will help us not go bankrupt.
Now, if the goal of ETS is simply forcing airlines to either cut even more flights or go out of business…well, that would certainly reduce emissions, and I can’t fault its efficiency.