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26 The Carbon Market: A Primer for Airports Table 5. Climate action reserve fee structure. Climate Action Reserve (CAR) Fee Structure Account Setup Fee...................................................................................................................$500 Account Maintenance Fee (annual)..........................................................................$500 Project Submittal Fee (per project)...........................................................................$500 Climate Reserve Tonne Issuance Fee (per offset credit issued).....................................$0.20 Source: Climate Action Reserve. Operating Procedures, January 28, 2011. generally companies or other organizations that voluntarily committed to reducing their aggre- gate emissions by 6% by 2010. Participants committed to reductions were issued allowances in accordance with their emission baseline and reduction schedule planned for the length of the commitment period--through 2010. Municipalities that were CCX members and own air- ports include the City of Boulder, CO (Boulder Municipal Airport), and the City of Fargo, ND (Hector International Airport). The CCX had its own offset registry program that allowed qualifying offset project owners to register their projects and generate offset credits that could be used by participating companies toward their reduction commitments. The program was not continued beyond 2010. With the prospects of a federal cap-and-trade program seriously in doubt, at least in the near term, and almost no activity on the exchange for much of 2010, the exchange closed. 2.3 Role of the GHG Inventory in Airport Carbon Management Key Takeaways for Airports GHG inventories allow airports to calculate emissions and measure reductions from certain activities. Inventories are a useful tool for airports wishing to reduce their carbon footprint. They provide a standardized method for measuring emissions and reduction activities. Establishing an airport-wide inventory is not a prerequisite to sponsoring an offset project but knowing the emissions associated with the project source is required for project verification. Except for a few airports reporting under EPA's mandatory GHG Reporting Rule, there is cur- rently no federal regulatory requirement for airport operators to track, measure, and inventory their GHG emissions from stationary sources. Documenting GHG emissions in order to receive credit for reductions in the future--also known as establishing or protecting the baseline--is an important concept for airport owners to understand. A baseline expresses what emissions would be in a business-as-usual scenario or were at a defined period of time. GHG inventories are not carbon markets, but are nevertheless important to understand in the context of carbon markets. Accounting for carbon emissions is a prerequisite first step to defin- ing reductions. Further, in the event that airports come under the compliance umbrella of a carbon cap-and-trade system, the ability to show historical reductions in GHG emissions may

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Carbon Offset and Value Opportunities for Airports 27 result in early action credits or lower compliance requirements. Many of the carbon offset activ- ities herein will require the establishment of baseline emissions. An airport operator interested in measuring and reducing their carbon footprint may wish to measure GHG emissions in order to quantify the reduction in emissions resulting from their ini- tiatives. In some instances an inventory may be required by a regulatory body in order to get approval for airport construction projects. Often these requirements are limited to considering the potential GHG emission impacts of a proposed project. In some cases, airports will be required to report their GHG emissions under EPA's GHG Reporting Rule. These airports are required to account for the collective emissions from most GHG emitting sources. Standardized registries have been developed by a number of organizations in order to aid the development of GHG inventories. ACRP Report 11: Guidebook on Preparing Airport GHG Emis- sion Inventories provides considerable guidance to airport operators on developing GHG inven- tories (Kim 2009). In developing an inventory, airport operators should consider following the methodologies provided by some of the leading registry bodies in order to maximize the credi- bility and accuracy of the inventory. The Climate Registry (The Registry) is a nonprofit organization formed to create consistent GHG emissions standards and reporting methods for businesses, municipalities, and other orga- nizations. Participation in The Registry is completely voluntary but the data from each of the entities must be independently verified to ensure accuracy. As of April 1, 2011, The Registry had 430 members nationwide (The Climate Registry n.d.). The Port of Portland participates in The Registry and emissions from Portland International Airport, along with their other facilities and business activities, are reported and independently verified on an annual basis. A number of other transportation companies also participate in The Registry including the Utah Transit Authority, Amtrak, and Virgin Airlines. The Carbon Disclosure Project (CDP) is an international organization based in the United Kingdom, which works with shareholders and corporations to disclose the GHG emissions of major corporations. In 2008, the CDP reported emissions data for 1,550 of the world's largest corporations, accounting for nearly 26% of global emissions and representing, in total, over 3,000 organizations in 60 different counties (Carbon Disclosure Project n.d.). The organizations measure and disclose their GHG emissions and climate change strategies in order to set reduc- tion targets and make environmental performance improvements. The CDP represents 534 insti- tutional investors with a combined $64 trillion under management. Internationally there are quite a few airports that participate in the CDP, including Copenhagen Airport, Manchester Air- port, Airport of Thailand, and several others. In June 2008, the annual assembly of the Airports Council International--Europe (ACI Europe) adopted a resolution on climate change when its member airports committed to reduce carbon emissions from their operations, with the ultimate goal of becoming carbon neutral. One year later, at the 2009 annual assembly, ACI Europe launched Airport Carbon Accreditation, allowing the assessment and recognition of participating airports' efforts to manage and reduce their CO2 emissions. Airport Carbon Accreditation is an independent program to enforce the accreditation criteria for airports on an annual basis. The administration of the scheme is overseen by an advisory board. Airports must have carbon footprints independently verified in accordance with ISO 14064 (ISO n.d.). Evidence of this must be provided to the administrator together with all claims regard- ing carbon management processes, which must also be independently verified. Table 6 lists airports that have all become Airport Carbon Accredited since the launch of the pro- gram in June 2009. These airports currently account for over 34% of European passenger traffic.

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28 The Carbon Market: A Primer for Airports Table 6. ACI Europe carbon accredited airports. Carbon Accredited Airports Paris-Charles de Gaulle Airport Dublin Airport Stockholm-Arlanda Airport Paris-Orly Airport Cork Airport Stockholm-Bromma Airport Amsterdam Airport Schiphol Shannon Airport Ume City Airport Athens International Airport Dubrovnik Airport Gteborg Landvetter Airport Oslo Airport Frankfurt Airport TAG Farnborough Airport Trondheim Airport, Vrnes Antalya Airport Istanbul Atatrk International Airport Kristiansand Airport, Kjevik Manchester Airport Ankara Esenboa International Airport Izmir Adnan Menderes International London-Heathrow Airport Prague Airport Airport Milan-Malpensa Bologna Airport Airport Zrich Airport Brussels Airport Milan-Linate Airport Source: Airport Carbon Accreditation. Airport Carbon Accreditation. http://www.airportcarbonaccreditation.org/ (accessed April 12, 2011).