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Chicago Climate Exchange
From Wikipedia, the free encyclopedia
Chicago Climate Exchange (CCX) is the world’s first and North America’s only voluntary, legally binding greenhouse gas (GHG) reduction and trading system for emission sources and offset projects in North America and Brazil. CCX employs independent verification, includes all six greenhouse gases, and has been trading greenhouse gas emission allowances since 2003. CCX was launched prior to the commencement of trading in the European Union through the ETS system. To date, more than 120 CCX Members range from corporations like Ford and Motorola, to state and municipalities such as Oakland and Chicago, to educational institutions such as Tufts University and University of Minnesota, to farmers and the Iowa Farm Bureau. CCX has an aggregate baseline of 226 million metric tons of CO2 equivalent, which is equal to the United Kingdom’s annual allocation under the EU ETS. This would make CCX one of the largest “countries” in the EU CO2 market, or 4% of U.S. annual GHG emissions.
The Trading System has the following three parts.
- The Trading Platform is a marketplace for executing trades among Registry Account Holders.
- The Clearing and Settlement Platform processes all transaction information.
- The Registry is the official database for Carbon Financial Instruments owned by Registry Account Holders.
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