Chicago 2016 joins Climate Exchange

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(Crain’s) — Chicago 2016, the group behind the city’s bid to host the 2016 Summer Olympic and Paralympic Games, is going green.

The non-profit organization has joined the Chicago Climate Exchange, which operates a greenhouse gas-emissions registry and a greenhouse gas-reduction and trading system. The Chicago-based Climate Exchange claims to have been the first of its kind in the world and the only such organization in North America.

The cost of Chicago 2016’s membership was not disclosed.

Chicago Climate Exchange members, including Motorola Inc. and the state of Illinois, make a legally binding agreement to reduce annual greenhouse gas emissions. Any member that beats its target can either bank or sell its surplus on the exchange while those that fail to meet targets must buy carbon contracts to cover the difference.

As an associate member of the exchange, Chicago 2016 has agreed to offset all of its annual indirect emissions through 2010. Those emissions would come from its business operations, any air or auto travel by Chicago 2016 members and shipping operations. Chicago 2016 will undergo an audit to determine its total greenhouse gas emissions.

Chicago is one of four cities competing for the right to host the 2016 Summer Games. The others are Madrid, Tokyo and Rio de Janeiro. The International Olympic Committee will announce its decision in October.