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Why are carbon trading issues that have gone awry ignored by the media? Two examples: 1-scam artists from around the world, capitalizing on lax regulations at the Danish emissions trading registry have made off with an estimated $7-billion over the last two years, and 2- the Chicago Climate Exchange (CCX) announced that it will be ending carbon trading this year. Both of these have been underreported (ignored?) by most media.
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Businesses seem to have called time on the US’s only national carbon trading market, blaming an absence of legislation as emissions-trading laws remain mired in Congress.
View thesis () or full ().
Background
The concept of climate change began to attract attention in the 19th Century but it was not until the 1970s did substantial debate occur. In 1997, the Kyoto Protocol became the first environmentally focused, global, legally binding document. It has set limits on carbon emissions, officially defined the six greenhouse gases (CO2, CH4, N2O, HFC, PFC and SF6) and utilised three mechanisms (Emissions trading, clean development mechanism and joint implementation) to assist the market in financially viable emission reduction schemes. The voluntary carbon market emerged to fulfill the demand from organizations and businesses that wished to reduce their carbon emissions outside and beyond the compliance market.
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CLIMATE EXCHANGE PLC
Monthly Trading Update for the European Climate Exchange,
the Chicago Climate Exchange and the Chicago Climate Futures Exchange
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Domtar recently joined the Chicago Climate Exchange (CCX), voluntarily committing to achieve an absolute greenhouse gas (GHG) emissions reduction of 6% below its 2000 emission levels. This latest initiative supports the companys previous efforts to reduce its carbon footprint by having decreased its use of fossil fuels by over 21% for the 2002-2007 period, by reducing its GHG emissions by 21.6% for the same period, and by using approximately 79% renewable energy in its facilities.
Chicago Climate Futures Exchange (CCFE), a wholly-owned subsidiary of Chicago Climate Exchange, Inc. (CCX), announced today that open interest in its futures and options complex for U.S. carbon emissions, which includes Carbon Financial Instrument (
Earlier this week, and the kicked-off their series of global emissions indexes with -
Last week the Chicago Climate Exchange began under the Regional Greenhouse Gas Inititative . The RGGI consists of 10 member states and is the first cap-and-trade system in the US that makes it compulsory for power plants to either adhere to the stipulated emission levels or purchase more permits.
The system is being touted as one that will pave the way for a more comprehensive carbon trading scheme in the future – since both the presidential candidates are in favor of a federal carbon market. However, as of now the scheme has set caps that are higher than the emission levels of the region and as such will not bring about any serious co2 cutbacks. The EU made the same mistake in its first phase, when it doled out more permits than were needed and as a result prices of EU permits crashed in 2006.
- a fraction of the cost of EU permits. At this level, it will be cheaper for power generators to offset their emissions through purchase of permits, instead of taking much-needed steps such as switching to natural gas or using CCS technology.
It pays to cut greenhouse gas emissions, literally and members of the will vouch for that. The program gives agricultural producers the opportunity to earn that is, by adopting practices such as no-till farming, growing grass and reforestation that store carbon dioxide in the soil.
The (NFU), on behalf of the producers sells carbon credits on the Chicago Climate Exchange , where they are purchased by exchange members looking to offset emissions. Currently the credits are being sold on the exchange at the rate of $4 per metric ton. The most active member state is North Dakota and last month 990 participants in the state received $2.6 million through the program.
The carbon sequestration program of the NFU, with its 2300 farmer-strong membership captured co2 from 2.8 mn acres in 2006 and 2007, which is equal in effect to capturing co2 emissions of 320,000 cars.
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