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President Obama’s call for a mandatory cap-and-trade system that would reduce carbon emissions by 80 percent by 2050 has Illinois businesses and individuals anticipating tighter pollution limits. As a result, projects that reduce or eliminate carbon dioxide emissions are on the rise.
The volume of new projects is reflected in a sharp increase in trading carbon credits on the Chicago Climate Exchange. In February the number of carbon contracts rose 33 percent to 56,429 from 42,580 in the year-earlier period, a new monthly record for the exchange. Each trade represents an exchange of a carbon reduction for a carbon emission.
One Illinois farmer found that agricultural techniques he was already using on his land qualified him to sell carbon credits on the Chicago Climate Exchange. Since he began developing his offsets projects, hes received $4,000 from credits hes produced.
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