NEW YORK (CNNMoney.com) -- The Chicago Climate Exchange, a pilot program for the trading of greenhouse gases in the U.S., is shutting down for lack of legislative interest.
Chicago Climate Exchange Inc., will close down its cap-and-trade market by the end of the year, said spokeswoman Brookly McLaughlin.
This will effectively end the trading of emissions credits in North America. The exchange will, however, continue some activities until 2012, including the mitigating of emissions in farming and forestry through a crediting process, said McLaughlin.
IntercontinentalExchange (ICE), an Atlanta-based operator of exchanges and markets, confirmed that it is winding down the Chicago Climate Exchange, which is the American part of a larger, international company called Climate Exchange.
IntercontinentalExchange is closing the Chicago operations just months after paying nearly $600 million for Climate Exchange. But the company will continue to operate the Climate Exchange's markets for greenhouse gases in Europe, said spokeswoman Melanie Shale.
Shale said that emissions trading, also known as cap and trade, effectively ended in the U.S. when climate legislation died in the Senate. But it's still going strong overseas, she said.
"It has to do with the current administration and their outlook on the U.S. for cap and trade," said Shale. "Obviously it's a market that's moving forward in Europe."
Sumner Redstone, the media mogul who controls Viacom and CBS, is at the center of a legal dispute. One side says he is practically unable to make decisions for himself. The other says he is "engaged and attentive." More
Gold futures hit a low of $1,051.60 an ounce, yet another reminder of just how out of favor gold has become since its all-time high of nearly $1,890 in 2011. More
Watsi crowdfunds donations to cover healthcare costs of those in need. And it's seeing a surprising trend: micro-donations via the popular Chinese social networking app, WeChat. More
Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More