Sunday, November 7, 2010

Chicago Climate Exchange to shut down: Good news for the USA

Source: Reuters

The United States' only national carbon trading scheme could be shut down within months because of stalled emissions trading laws in Congress, the Financial Times newspaper on Tuesday quoted a senior exchange official as saying.

The Chicago Climate Exchange (CCX) operates what it calls a voluntary but legally binding greenhouse gas emissions trading scheme in which companies have to meet annual reduction targets, or a cap. Those below the targets can sell surplus allowances or bank them.

But Jeff Sprecher, chief executive of the InternationalExchange and CCX's owner, told the Financial Times that participants in the CCX's cap-and-trade scheme wanted to pull out.

"The bulk of the users have said to us that they really don't want to continue to trade voluntarily in the absence of any credit for their work by the current administration," the newspaper quoted him as saying.

The lower house of Congress last year passed a climate bill that set a national 2020 emissions reduction target on greenhouse gas emissions as well as outlined a national emissions trading scheme.

But Senate Democrats slimmed down the bill in July, abandoning a cap-and-trade scheme aimed at cutting emissions.

Republicans are also expected to make big gains against the Democrats in Tuesday's mid-term elections, further diminishing the prospects of any climate legislation passing Congress in the near term.

Globally, the voluntary carbon market stalled in 2009 after six years of growth as the downturn in the global economy and uncertainty over future climate legislation curbed demand.

The market shrank 47 percent last year to $387 million and by 26 percent in volume to 93.7 million metric tons of emissions.

A strong result for Republicans, though, is unlikely to upset the only U.S. cap-and-trade scheme for the electricity sector, Thomson Reuters subsidiary Point Carbon News reported last week.

Ten northeast states participate in the Regional Greenhouse Gas Initiative that sets mandatory CO2 caps on power generators. Pollution permits are sold at auction and the states have so far earned $730 million from selling the allowances.

The scheme began at the start of 2009 and most of the money is used for programs to help consumers, including low-income families. But permit prices are currently trading close to the auction floor price of $1.86 a metric ton.

1 comment:

Anonymous said...

Climate change formerly known as global warming is a COS. Do some research on Chicago Climate Exchange(CCX), Al Gore, Maurice Strong, Ob?ama, and Richard Sandor, and the rest of the Chicago Joyce Foundation and Willam Ayers, u kn......ow WEATHER Underground.
42% (1142) of the people killed on 9/11 were in direct competetion with CCX, Carlton Bartels was among that 1142 people. He had developed a computer program CO2 calculator, that was eventually given to Frank Raines, of Fannie/Freddie fame by the Democratic Congress, Dec 2008.
How many Congress and Senators had stock in CCX, and who wants to do the math as to how many trillions much Ob?ama and Al Gore and Maurice Strong and others will personally make if they can pass Cap & Trade.
Oh and by the way, why was Oba?ma's brother-in-law in the WTC about 5 days before 9/11 working on the sprinkler systems that failed. They all seem to have a lot of money riding on this dark camel.

If u would have told me 7 years after 9/11 that we would have a Muslim with ties to every known criminal in the world in our oval office, I would have scoffed. Now they are talking about a mosque at Ground Zero,
Ob?ama is a cousin to Odin...go who locks Christians in a church and burns it to the ground. And the "religion of Peace" my butt, the ideology of "war" beheads wives in lieu of a divorce, marries old men to 3 year olds and buries thier daughters alive for allegedy having sex before marriage, and beheads priests, and march into villages and kill people who will not convert...and we have a Muslim in the WH!! and anyone who says anytime anything truthful is said about Islam, every screams politically incorrect.
What better cover than Bush's watch..Lots of people made $$ off 9/11, and Ob?ama and the Chicago crew stand to make trillions off Cap & Trade...

They always hire the same lawyer to settle claims..,,,9/11,,Fort Hood , and BP oil spill