The EU’s delay in applying its emissions trading system to foreign airlines is welcome, but “now the spotlight is on ICAO,” says Blakey.

Although commercial aircraft sales are surging, the civil aviation industry in the U.S. will not be safe from the looming budget cuts that may take effect Jan. 2 in a budgetary process known as “sequestration,” says Blakey.

If the U.S. government cannot reach a deal on tax increases and spending cuts, the FAA budget could take a significant hit, Blakey says. As much as $1 billion could be cut from the FAA’s budget, according to an AIA study published earlier this year, Blakey said. In the event that happens, the agency will focus on safety and the day-to-day operation of the national airspace, which could leave investment accounts vulnerable to cuts, threatening investment in the NextGen air traffic modernization program. “What’s new and coming is easier to cut,” says Blakey, adding, “This would be a crying shame.”