The Chicago Climate Exchange (“CCX”) recently announced it will be shutting down over the next few months due to Congressional inaction relating to climate change legislation.
The Chicago Climate Exchange is a voluntary greenhouse gas emissions allowance trading system and was the only national carbon cap-and-trade exchange in the United States. Members of the legally-binding exchange included DuPont, Motorola, I.B.M. and other major companies.
Meanwhile, New York announced that it made $16.9 million in its latest auction of carbon dioxide credits last week, held under the Regional Greenhouse Gas Initiative (“RGGI”). RGGI is the northeast’s cap-and-trade system. According to the New York Times, the state has collected $282 million from RGGI so far, the most of any of the 10 participating Northeastern and mid-Atlantic states.
Trading volume in Europe also continues to grow under the mandatory carbon caps of the Kyoto Protocol.
For more information about trading carbon credits, how your business may get involved and the potential future of carbon credit trading, please contact Steve O’Day.