Chicago Climate Exchange to shut down emissions trading

By Aaron Smith, staff writer


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."

She added that the Climate Exchange "was purchased for its bigger European business." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play

Search for Jobs

Index Last Change % Change
Dow 18,232.02 -53.72 -0.29%
Nasdaq 5,089.36 -1.43 -0.03%
S&P 500 2,126.06 -4.76 -0.22%
Treasuries 2.22 0.03 1.37%
Data as of 11:46pm ET
Company Price Change % Change
Bank of America Corp... 16.75 0.05 0.30%
Apple Inc 132.54 1.15 0.88%
Hewlett-Packard Co 34.76 0.93 2.75%
AT&T Inc 34.71 -0.42 -1.18%
Microsoft Corp 46.90 -0.52 -1.10%
Data as of May 22
Sponsors

Sections

The record airbag recall and the GM ignition switch recalls has resulted in a huge percentage of cars on the road today having been recalled. More

The True Cost, a new documentary, chronicles the evils of the clothing industry and asks us to stop buying so much cheap stuff More

Sarah Kauss launched S'well to rid the world of plastic water bottles. In five years, she's sold 4 million of her stainless steel bottles. More