Below are the first 10 and last 10 pages of uncorrected machine-read text (when available) of this chapter, followed by the top 30 algorithmically extracted key phrases from the chapter as a whole.
Intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text on the opening pages of each chapter.
Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.
Do not use for reproduction, copying, pasting, or reading; exclusively for search engines.
OCR for page 48
48 The Carbon Market: A Primer for Airports
Case Study 4: (Continued).
price for voluntary credits stays at CAN$5/tCO2e. The spread in recent years for car-
bon credits from efficiency projects is between CAN$3.9/tCO2e and CAN$6.9/tCO2e
(EcoSystem 2009). However, the lack of a mandatory carbon market in Canada pres-
ents uncertainty for any airport operator selling credits on the voluntary market as
it is more illiquid than a standard exchange market or over-the-counter market
where demand is high. The spread in recent years for carbon credits from efficiency
projects is between CAN$3.9/tCO2e and CAN$6.9/tCO2e (EcoSystem 2009). There
even exists the chance that buyers for voluntary credits will not be available imme-
diately when the operator wishes to sell.
This case study is included as it is the only known example of an airport in North
America monetizing carbon offset credits. While two of the three major United
Statesbased offset standard bodies, the Climate Action Reserve and the American
Carbon Registry, do not recognize energy efficiency measures--which this exam-
ple illustrates--as eligible carbon offset project types, the Voluntary Carbon Stan-
dard accepts such offset project types. With that said, having a carbon reduction
project recognized by a major offset standard body is not a prerequisite for mon-
etization. However, buyers in the voluntary market may prefer offsets to have been
created or approved by certain offset bodies over others.
project is the only known example of an airport in North America monetizing carbon offset cred-
its. Many United Statesbased offset standard bodies do not recognize energy efficiency measures
as eligible carbon offset project types. Of course, having a carbon reduction project recognized
by a major offset standard body is not a prerequisite for monetization. With that said, buyers in
the market may prefer that offset credits be created or approved by certain offset standards bodies
over others.
5.3 Voluntary Airport Low Emission Program (VALE)
Key Takeaways for Airports
· Airport Emission Reduction Credits (AERCs) from the VALE program represent
reductions in criteria pollutants, which are non-GHG air pollutants that directly
affect human health.
· AERCs are similar to offset credits: reducing air pollutant emissions from one
activity to account for increased emissions from a different activity.
· Unlike offset credits, AERCs cannot be traded; therefore airport sponsors should
avoid trading RECs that implicitly include AERCs.
The use of credits associated with environmental initiatives and emission reduction projects
is not a new concept for airports. Under the Federal Aviation Administration's (FAA's) Volun-
tary Airport Low Emission (VALE) program, airports are eligible to receive airport emission
reduction credits (AERCs) for projects that reduce emissions of criteria air pollutants (which does
