Chicago Climate Exchange Prepares 4-Year Extension

Chicago Climate Exchange Prepares 4-Year Extension

Chicago Climate Exchange (CCX), the first and only voluntary, legally binding greenhouse gas emissions reduction and trading program in North America, says it will extend and expand the program for an additional four years through 2010.

The architecture of the CCX Phase II was unanimously approved by the CCX Board of Directors during the Annual Meeting held recently in Chicago. A number of other milestones were announced, including that there are now 100 Members and the US Conference of Mayors' unanimous approval of a Resolution recommending that all cities in the Conference consider joining CCX. CCX currently has as municipal members Chicago, Illinois; Oakland, California; and Boulder, Colorado. The City Council of Portland, Oregon has also voted unanimously to join CCX. It was also announced at the Annual Meeting that Aracruz Celulose, one of the leading forestry companies in Brazil, has joined CCX, making it the first Latin American Company to commit to the CCX reduction schedule.

The extended reduction commitment schedule involves annual emission reductions that result in a 6% emissions reduction below baseline by the year 2010. Baseline methodologies and participant fees will be updated to enlarge the program's participation and effectiveness. The extension will also include the establishment of a member services facility.

"The Members and our Board have overwhelmingly responded that we should extend CCX and we are excited to continue." said Dr. Richard Sandor, CCX's Chairman and CEO. "The learning and the body of knowledge accumulated by the membership is fulfilling one of the main goals of CCX - to build skills and inform the public debate on this issue. We will continue to showcase the leadership of our members to the investment, business and public sectors through our member services facility."

Chicago Mayor Richard M. Daley, honorary chairman of CCX, opened the Member Meeting’s morning plenary session and Jonathan Lash, President of the World Resources Institute gave the luncheon keynote address. Jonathan Lash and Richard Sandor were recently named by Risk and Treasury Management Magazine as among the "100 Most Influential People in Finance," the only two individuals on the list to be recognized for their work in bridging the gap between environment and finance.