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54 The Carbon Market: A Primer for Airports Table 13. Summary of prominent wholesale brokers. Broker Commodities (U.S. Based) Additional Comments CantorCO2e RGGI, all voluntary U.S. carbon, RECs in all Carbon offset credit and U.S. compliance markets, Green-e eligible REC commodities voluntary market RECs applicable to airports Evolution RGGI, all voluntary U.S. carbon, RECs in all Carbon offset credit and Markets U.S. compliance markets, Green-e eligible REC commodities voluntary market RECs, white tag applicable to airports Spectron RGGI, all voluntary U.S. carbon, RECs in all Carbon offset credit and U.S. compliance markets, Green-e eligible REC commodities voluntary market RECs applicable to airports TFS Green RGGI, all voluntary U.S. carbon, RECs in all Carbon offset credit and U.S. compliance markets, Green-e eligible REC commodities voluntary market RECs applicable to airports than retail broker services. Given that any airport offset credit holdings are expected to be in rel- atively low volumes, wholesale broker services may not be ideal for airports. Wholesale brokers offer more customized transaction support services than exchanges, often accommodating a wider variety of environmental instruments. A limitation of transacting in some more niche environmental markets is that both a buyer and seller are required to transact, which sometimes poses a challenge in less liquid markets Table 13 presents a summary of some of the larger wholesale brokers and environmental markets served. 6.2.3 Retail Brokers Retail brokers or retail providers of environmental instruments cater to small volume trans- actions but often have the highest transaction fee on a per unit basis. Unlike wholesale brokers, retail providers will often take ownership of environmental instruments and bear risk of mone- tization. On the sell side, retail providers will offer small purchase volumes. For example, retail providers offer airline passengers the ability to offset the emissions associated with a plane trip by selling just a few carbon offset credits at a time. Many different retail brokers exist, offering a wide range of market services. Table 14 presents a summary of some of the larger retail brokers and providers. Table 14. Summary of prominent retail brokers and providers. Retail Broker / Commodities Additional Comments Provider Atmosclear VERs, other offset credits Bonneville Offset credits and Environmental RECs Foundation Retail brokers all serve different niche Carbonfund.org Offset credits markets and their focuses can change Climate Trust Offset credits from time to time. It is recommended that Native Energy Offset credits and RECs several be contacted to find the ideal Sterling Planet Offset credits, RECs, broker for instrument transaction. white tags Terrapass Offset credits and RECs 3Degrees Offset credits and RECs