To comply with defined ambitious climate goals, technical and operational improvements are required to reduce the climate impact of aviation. However, a trade-off between fuel consumption and CO2 effects on the one hand and non-CO2 effects on the other hand needs to be considered. In this context, an implementation of measures targeting both CO2 and non-CO2 effects is typically associated with a cost increase limiting fast implementation from an economic point of view. Therefore, this study investigates implications a market-based policy scheme to support different measures in their implementation. An extension of the EU ETS to account for non-CO2 effects in terms of CO2 equivalents is modeled and resulting climate mitigation potentials and operating cost changes can be analyzed. On this basis, an efficiency comparison of different technical and operational measures can be performed.