IBM Joins Chicago Climate Exchange

IBM Joins Chicago Climate Exchange

IBM has become a charter member of the Chicago Climate Exchange (CCX), a multi-sector market for reducing and trading greenhouse gas emissions.

The company has voluntarily committed to further reduce emissions of greenhouse gases by four percent below the average of its 1998-2001 baseline by 2006, the last year of the pilot program. Between 1990 and 2002, IBM has already reduced its global greenhouse gas emissions associated with energy consumption by a total of 61.3%, of which 33% was due to energy conservation measures alone.

“Successfully addressing climate change will require a variety of tools, including conservation, technological advances and market-based programs," says Wayne S. Balta, IBM’s Vice President for Corporate Environmental Affairs & Product Safety. "IBM is joining this pilot program because it is consistent with the company’s belief in supporting market-based solutions and participating in voluntary efforts to conserve energy and reduce greenhouse gas emissions."

Mr. Balta characterized the voluntary program "an important step in fostering further energy efficiency and other initiatives to reduce climate impacts.”

CCX marks the first time entities from the public and private sectors have entered into a legally binding commitment to use a rules -based market for reducing their greenhouse gas emissions. CCX will allow participants to receive credit for such reductions and to buy and sell credits as a means of finding the most cost-effective way of achieving reductions.

“IBM has shown great leadership and vision by becoming a Member of CCX,” says Dr. Richard L. Sandor, the group's chairman and CEO. "As a company, it will play a critical role in shaping the emerging carbon market and its institutions. We look forward to working with IBM as an active member of CCX.”

CCX will administer this pilot program for emission sources, farm and forest carbon sinks, offset projects and liquidity providers in North America. To foster international emissions trading, offset providers in Brazil can also participate. CCX market architecture incorporates input from a wide range of economic sectors as well as technical experts in the engineering, forestry, agricultural, academic, NGO and public sectors.
Topics: