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Carbon Offset and Value Opportunities for Airports 25 There are a number of common steps that an airport project developer must go through in order to get a project registered with any of the standard bodies. There will need to be a review of the proj- ect plan details, which include things such as a project description, ownership title, etc. It may often include a review of the project-type eligibility to make sure the project complies with the standard criteria. The eligibility criteria specify characteristics a project must have in order to register with the standard, as well as the conditions under which it will issue offset credits to a project. There will then be project validation and verification by a third party, which will consist of an assessment of the project for validation as well as the GHG emission reduction/removal method- ology for verification. The validation and verification process can take anywhere from two weeks to three months, as the level of detail is very project-specific. Once the project has been validated and verified, the project developer will receive a report and statement which will be submitted to the standards body. If the project is approved, the standards body will officially register the project and then issue the offset credits, assigning title assurance and a unique serial number identifier to ensure that each metric tonne is validated and traceable to its source. Each of the standards bodies have their own specific process of assessment that a project must go through in order to become registered. Additionally, there is no set timeline or timeframe for the registration process, being that it is on a very project-specific basis. Figure 3 highlights the process for registering a project under some of the most widely used offset standard bodies. An airport will likely incur some administrative and transaction costs associated with regis- tering with offset standards bodies and being issued offset credits. Each offset standard body has a unique fee structure but generally assesses fees for setting up an account, submitting a project and issuing offset credits. Table 5 displays CAR's fee structure; similar fees can be expected from registering a project with other offset standard bodies. 2.2.2 Legally Binding Voluntary Programs The Chicago Climate Exchange (CCX) was established in 2003 and represented North Amer- ica's only legally binding, voluntary GHG reduction system. Participants of the program were Figure 3. Prominent U.S. offset program registration process.