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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