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CHAPTER 3 North American Compliance Carbon Markets Key Takeaways for Airports · The only compliance carbon markets in the United States take place at the regional and state levels. · Airports are not currently regulated entities under any compliance cap-and- trade market and are not expected to be in the near future. · Carbon market opportunities for airports at this time will largely remain in the voluntary market. Currently, the only mandatory operating carbon market in North America is the Regional Greenhouse Gas Initiative (RGGI), covering emissions from power generators in parts of the Mid-Atlantic and New England regions of the United States. No comprehensive federal or other carbon markets are operational and there is little momentum in Congress to pass such legisla- tion at this time. The Canadian government has announced its intentions to wait until the United States acts before enacting a GHG cap-and-trade scheme. Other states and regions, California, for example, are progressing with the implementation of their own carbon cap-and-trade pro- grams. Figure 4 summarizes states that are participating or have committed in the future to par- ticipate in some form of state or regional cap-and-trade program. Despite a varied level of commitment to reduce emissions from a number of states, the ten RGGI states and California are currently the only states with potential compliance demand for offset credits. Demand in RGGI states is currently very low, as most regulated entities have suf- ficient allowances to meet their compliance requirements. California regulated entities are likely to have more demand, although the compliance market in California is just developing, and the cap-and-trade program is not scheduled to begin until 2013. 3.1 State and Regional Regulatory Compliance Markets Key Takeaways for Airports · The United States state and regional compliance markets offer limited opportu- nity for airport participation at this time. · RGGI allows offset credit use for compliance, but demand in the market has yet to materialize. · The California market represents the most likely source of demand for offset credits once it is fully implemented in 2013. 29